Uganda Development Bank capitalized to Shs 2.2 trillion

The Ugandan government has increased the capital of the Uganda Development Bank (UDB) to Shs 2.2 trillion. This includes an additional Shs 442.2 billion injected during the 2026/27 financial year.

Finance Minister Henry Musasizi announced the move during the commissioning of the renovated 14-storey UDB Tower in Kampala. The increased capital base is intended to strengthen the bank's ability to provide affordable, long-term financing for sectors such as agro-industrialization, tourism, mineral-based industrialization, science, technology, and innovation.

Musasizi stated that the bank's mandate aligns with the government's Tenfold Growth Strategy, which aims to transform Uganda into a US$ 500 billion economy by 2040. He encouraged the bank to utilize innovative financing mechanisms, including private equity, corporate bonds, and public-private partnerships, to attract private capital into critical economic sectors.