By Augustine Mumbere,
The Uganda Development Bank (UDB) has expanded its footprint into the Bunyoro Sub-region with a new regional branch in Hoima City, an investment expected to unlock long-term financing for enterprises in one of Uganda’s fastest-growing economic corridors.
The branch, opened on Thursday, arrives at a pivotal moment for Hoima, now firmly established as the epicenter of Uganda’s emerging petroleum industry and home to major developments including the oil refinery, the East African Crude Oil Pipeline (EACOP), Hoima International Airport and the newly announced Hoima Stadium.
Speaking at the ceremony, UDB Managing Director Dr Patricia Ojangole said the expansion reflects the Bank’s commitment to supporting Uganda’s national development agenda and ensuring that local enterprises benefit from opportunities created by the oil and gas economy.
The launch was presided over by State Minister for Bunyoro Affairs Jenifer Namuyangu, representing Finance Minister Matia Kasaija.
UDB’s Director of Investment Mahmoud Andama said that since 2020, the Bank has financed 26 enterprises in the region, totaling Shillings 25.47 billion across agro-industrialization, primary agriculture, tourism, education, industry and infrastructure. Mr. Andama speaking…
Hoima Municipality MP Patrick Isingoma said access to affordable capital has been one of the biggest challenges and praised UDB for establishment. END
