Finance Minister Henry Musasizi has challenged the Uganda Development Bank (UDB) to aggressively attract private and development finance to spur national growth, as the state-owned lender officially opened its new 14-storey headquarters.
Speaking at the grand commissioning of the UDB Tower on Hannington Road, Musasizi emphasized that the government expects the bank to leverage its capital, expertise, and strategic partnerships to catalyze significant external investment into the economy.
“Government expects UDB to continue leveraging its capital, expertise, and partnerships to crowd in greater levels of private and development finance into the Ugandan economy,” Musasizi stated.
The Minister noted that Uganda’s upcoming economic phase heavily relies on institutions capable of securing long-term capital. He directed UDB to focus these resources toward key high-yield sectors:agro-industrialization and tourism,Mineral-based industries and Science, technology, and innovation
“UDB occupies a critical place in this national development architecture, connecting our development priorities with the capital and investment required to translate them into tangible economic opportunities for Ugandans,” Musasizi added, noting that a stronger UDB will directly drive job creation, export growth, and higher household incomes.
The launch of the UDB Tower marks the end of an era of rented premises, bringing all head-office operations under one roof. Located at Plot 22 Hannington Road, the ultra-modern facility boasts 7,806 square meters of floor space across 14 floors, including two basement levels.
UDB Board Chairman, Geoffrey T. Kihuguru, stressed that robust governance and modern infrastructure are vital for mobilizing capital as the country pursues rapid economic expansion.
“Our responsibility is to build a development finance institution that is not only relevant to Uganda’s needs today, but one that has the capacity and resilience to serve generations to come,” Kihuguru said.
UDB Managing Director, Dr. Patricia Ojangole, highlighted that owning a permanent home reflects the long-term vision inherent to the bank’s mandate.
“Beyond providing a modern and efficient working environment, it brings our people and operations together in a space designed to strengthen collaboration, innovation, and service delivery,” Dr. Ojangole said.
The state-of-the-art building features standard office spaces, customer service hubs, meeting rooms, an innovation room, and a executive boardroom. Future additions will include a dedicated auditorium and resource center.
Green & Smart Features:
Designed with sustainability in mind, the UDB Tower incorporates several eco-friendly technologies:Central Building Management System (BMS) for automated efficiency.,25-kW solar power system to supplement the national grid,Smart lighting controls and zoned air conditioning and High-ceiling windows engineered to maximize natural daylight and fresh air ventilation.
Currently, UDB primary finances private sector projects spanning agriculture, industry, services, and infrastructure, with the lion’s share of its loan portfolio anchored in agriculture, agro-industry, and manufacturing.
