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UDB Helped Create 41,000 Jobs Despite Inflation

By Melanie Aanyu,

The Uganda Development Bank, the country’s national development finance company, made a record level of loan approvals in 2021, with total lending of sh635 billion.

The approved loans are the highest since 2011, denoting a 10-year-high, while the loan stock grew more than half to close at sh781 billion, according to the financial statements just released.

The Bank’s investment activities also created and maintained 41,338 jobs during the year, growing by 72 per cent in 2020.

The Ministry of Finance, Planning and Economic Development attributed this to the sustained promotional activities targeted at Small and Medium Enterprises to access financing for revival from the effects of the COVID-19 pandemic.  

The growth in the lending levels also meant an increase of more than half in the income from interest rates and fees to 113 billion Shillings.

The bank’s Managing Director, Patricia Ejangole says the bank will continue funding various projects, having approved 635.5 Billion Shillings in new funding to different sectors.