President Yoweri Museveni commended UDB for convening the inaugural Uganda development finance Summit and urged African leaders to intensify efforts to deepen economic and political integration, noting that the fragmentation of African markets undermined the continent’s competitiveness and appeal to investors.
Museveni has emphasized the central role of development finance institutions in Africa’s transformation, urging planners and financiers to balance infrastructure spending with “results-generating projects” that draw millions of Ugandans into the money economy. “We must struggle for the integration of the African market as a matter of life and death”
He further called for African market integration, value addition to local resources, and affordable credit to drive industrialization.
The president was accompanied by the First Lady and Minister of Education and Sports, Janet Kataaha Museveni and presided over the official opening of the well attended summit at the Commonwealth Resort Hotel, Munyonyo.
The two-day conference, hosted by the Uganda Development Bank (UDB), has attracted industry captains , policymakers, government leaders, financiers, the private sector, and international partners to deliberate on how development finance can accelerate Africa’s social and economic transformation.
Held under the theme ,’ transforming Africa through national development fiancé architecture , Museveni referred to Uganda’s fiscal choices such as diverting resources to the Parish Development Model, and called on policymakers to prioritize investments that boost productivity over those that merely provide utility.
He emphasised that cheap capital, electricity, and reliable transport are the backbone of industrial growth, criticizing past technocrats for focusing on social infrastructure while neglecting economic enablers like railways and power.
He said that government set up UDB to provide patient capital for commercial agriculture, manufacturing, services such as tourism and ICT, and artisanship. He however , decried the high interest rate of 15% which is still being charged by the bank and suggested at bringing it down to about 10% would go a long way to boost business given that the country ‘s inflation rates is below five percent .
The president also warned against exploitative lending practices by commercial banks, arguing that UDB remains the solution for financing productive sectors.
Finance Minister Matia Kasaija said that Africa remains one of the fastest-growing regions globally, projecting Uganda’s GDP to grow from nearly $50 billion in 2023 to $500 billion by 2040, anchored on agro-industrialization, tourism, mineral development, and ICT innovation.
UDB Managing Director Dr. Patricia Ojangole , stressed the importance of national development banks in financing agriculture, manufacturing, energy, education, and health, noting that over 80% of UDB’s lending goes to productive sectors.
She further shared insights into the institution’s growth and the importance of government support and professional management.
Board Chairman Geoffrey T. Kihuguru , noted that development banks are uniquely positioned to expand inclusion, support underdeveloped regions, and drive industrialization amidst global economic challenges.
The summit was attended by Cabinet ministers, Members of Parliament, diplomats, civil society, and private sector representatives. A fireside chat with Dr. Arkebe Oqubay provided reflections on industrial policy and statecraft in economic development.
