Uganda Development Bank (UDB) registered and maintained an additional 51,841 jobs in the economy through various funded projects in 2023.
According to the annual performance results just released, UDBL, the government’s development financial institution, this was supported by the growth of 24 percent in its net loan and advances to 1.47 trillion shillings.
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 tax, compared to 42.6 billion shillings registered in 2022, while total assets grew 10 percent to 1.67 trillion in 2023.
Some 467 billion it collected from its borrowers was reinvested, adding to the 97.3 billion shillings received from the Government as additional capital contributions, and an additional 120.5 billion in drawdowns from various lines of credit held with its funding partners.
Patricia Ojangole, the Managing Director noted that the Bank’s approved funding of 692 billion shillings in new loans was meant for more than 200 enterprises in 63 districts nationwide, and this should add more jobs. According to Ojangole,these projects, upon full implementation, are expected to create 18,558 new jobs and generate an output value of 11.4 trillion shillings, from which 616 billion will be generated as tax revenue to the Government, and 3.34 trillion in foreign exchange earnings.
