UBD Tips Wakiso Community on Investment Opportunities that Will Spur Economic Growth

Kampala 13th July 2023: In partnership with Wakiso District local government, Uganda Development Bank (UDB), the country’s national Development Finance Institution has today tipped the community in Wakiso District on unlocking their immense investment potential through sustainable projects that will spur economic growth. This was during a one-day conference that was held today at Peniel Beach Hotel, in Entebbe.

The conference was held under the theme ‘Harnessing Investment Opportunities in Wakiso’ and aimed at identifying solutions for Wakiso District and its constituencies, including Nansana, Kira, Makindye Ssabagabo, and Entebbe. Other partners for the conference also included Uganda Development Forum which was formed to steer economic development in the country.

Patricia Ojangole the Managing Director of Uganda Development Bank said, “We are thrilled to partner with the various stakeholders in the 2023 Wakiso Investment Conference which perfectly aligns with our vision of driving socio-economic growth in Uganda through sustainable financial interventions in the country’s key priority sectors, namely, Agriculture, Manufacturing, Health, Education, Tourism, infrastructure, and others.”

She added, “The platform has enabled us, and the different stakeholders involved to create meaningful connections, exchange knowledge, and consumer information on the investment climate of Wakiso, as well as offer a premier platform for an expert-informed-public discussion on Wakiso’s development where practical solutions have been offered on how best to adapt and re-orient our strategies in the current context to accelerate inclusive socio-economic transformation.”

The conference was among others aimed at;

• Identifying sustainable and impactful investment opportunities or projects aligned to the NPDIII and in key priority sectors of the district.

• Highlighting the key challenges faced by the private sector in Wakiso as well as solutions and remedial actions.

• Identifying a pipeline of bankable businesses in the various sectors.

The Wakiso District leadership highlights that since the Wakiso Investment Conference’s inception in 2018, there has been a noticeable increase in the issuance of Investment licenses to projects, amounting to a tune of US$. 1.35 billion with an estimated 26,303 jobs created.

The Chief Administrative Officer (CAO) of Wakiso District, Malinga Alfred, Said, “We are constantly improving the business environment in Wakiso District so that we can boost economic activities in the areas, which in turn will provide investment opportunities and spur economic growth, among others.”

He further noted, “However, the private sector still grapples with financial constraints and business advisory services that are important in enabling them to realize their full potential. Therefore, it is key that we collaborate with partners like UDB so that we can support the growing business community to participate in impactful projects. It is through forums like this Investment Conference that there is knowledge exchange on how businesses can access funds and make the right investment decisions.”

“UDB is dedicated to fostering sustainable socio-economic growth, through supporting ventures like the Wakiso investment conference that seeks to unlock opportunities that compliment government effort through job creation for our people, and uplifting communities so that we complement government efforts of boosting the country’s socio-economic  growth.” Ojangole concluded.

Uganda Development Bank Limited (UDB) is the country’s national Development Finance Institution (DFI) with a mandate to accelerate socio-economic development in Uganda through sustainable financial interventions. Consistent with this mandate, the Bank supports projects within the private sector that demonstrate the potential to deliver high socio-economic value, in terms of job creation, improved production output, tax contribution, and foreign exchange generation, among other outcomes.

These projects fall within the key priority sectors of our economy and are in line with Uganda’s development priorities. The Bank’s financing interventions are mainly in Primary Agriculture, Agro-processing, and Manufacturing which account for about 80%of its investment portfolio. The Bank, however, undertakes specific interventions in other sectors including Tourism, Human Capital Development, and Infrastructure including ICT.