Type Parastatal Motto "Inspiring Development" Key person Samuel Sejjaaka | Number of employees 51 (2015) Founded 1972 | |
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Key people Samuel SejjaakachairmanPatricia Adongo Ojangolechief executive officer Products Loans, equity partnerships, financial advisory services, management services, export/import finance Revenue Aftertax:UGX:1.9 billion (2015) Total assets UGX:205.6 billion (2015) | ||
The Uganda Development Bank Limited (UDBL) is a government-owned development bank in Uganda.
Contents
Overview
UDBL began operating in 1972 and was the first development finance institution established by the government of Uganda. The main objective of UDBL is to promote and finance development in various sectors of the economy with particular emphasis on agriculture, industry, tourism, housing, and commerce. As of December 2015, UDBL's total assets were valued at UGX:205.6 billion, with a loan book valued at UGX:141 billion. At that time, the shareholders' equity was valued at about UGX:141.55 billion.
History
UBDL was established in 1972. The political leadership in Uganda changed in 1979, and UDBL was then able to obtain large credits from external financiers, like the African Development Bank, the International Development Association, the European Investment Bank, the European Economic Community, the Organization of Petroleum Exporting Countries, and the Arab Bank for Economic Development in Africa (Banque Arabe pour le Développement Economique en Afrique) (BADEA). With these funds, UDBL's focus shifted to financing medium and long term projects in agriculture, manufacturing, and tourism. Between 1997 and 2001, the bank was restructured, recapitalized, and re-organized as a limited liability company, wholly owned by the government of Uganda.
The future
As of September 2013, the bank had re-organized and repositioned itself to play a larger and more visible role in Uganda's development finance. It has developed a medium-term recapitalization plan (2013-2017) that will increase shareholder's equity from the current UGX:100 billion (US$40 million), to UGX:500 billion (US$200 million).
Its growth plan has been streamlined to harmonize with Uganda's National Development Plan (NDP) and with Vision 2040. Vision 2040 aims to transform Ugandan society from a peasant population to a modern and prosperous country by the year 2040. Some of the development partners that UDBL is working with include the Kuwait Fund, the African Export-Import Bank, BADEA, and the Islamic Development Bank.
Services
UDB's services include short term loans, medium term loans, long term loans, equity investments, trade finance loans, and bank guarantees.
Board of directors
As of December 2015, UDBL's board of directors consisted of:
Management
As of August 2015, UDB's management team was:
Controversy
According to a 2013 published report, an audit by Uganda's auditor general revealed financial impropriety by board members and senior managers at UDBL, leading to financial loss. Both the board and management team involved in the fraud have been terminated and the investigation continued as of June 2014.