By Editorial,
Uganda Development Bank registered and maintained an additional 51,800 jobs in the economy through various funded projects in 2023, according to the annual performance results just released by the government’s development financial institution that was also supported by the growth of 24 percent in its net loan and 1.47 trillion shillings advances.
A total of 610 billion shillings was disbursed in loans out of the total loan applications worth 692.8 billion which were approved during the year, a trend attributed to growth in support to the private sector activities.
The statements show that the bank made 49.8 billion in net profit after taxation, compared to 42.6 billion shillings registered in 2022, while total assets grew 10 percent to 1.67 trillion in 2023.
Ms Patricia Ojangole, the bank’s Managing Director said they focus on key priority sectors underpins their mission to deliver high socio-economic value and support Uganda’s long-term development goals.
Ms Patricia speaking……
Hon. Matia Kasaija, the financeMinister pledged to add more funding to the bank to continue with its support to development activities including accelerating productivity, import replacement, and export promotion. Hon. Matia Kasaija speaking…….
The Bank began operationalizing its regional representative offices, with the opening of the Gulu office, while by mid next year, branches will be opened in Mbale, Hoima, Mbarara, and Arua, as it bids to take services to the undeserved rural entrepreneurs. END