KAMPALA, Uganda — The Uganda Development Bank (UDB) has launched its Reshaping Industries for a Sustainable Economy (RISE) Program, a strategic initiative designed to diversify and strengthen Uganda’s economy through sustainable industrialization and targeted financing.
The RISE Program aims to move beyond traditional lending by fostering an ecosystem that supports high-tech, high-value-added, and environmentally sustainable businesses. UDB’s Managing Director, Patricia Ojangole, emphasized that RISE will enable the bank to deploy its resources in ways that directly contribute to economic diversification and resilience.
“At a time where countries are focusing on sustainable development, it is crucial that the financial sector plays a catalytic role in building a robust and diverse economy,” Ojangole said at the launch held at the Kampala Serena Hotel on Thursday. “RISE presents a unique opportunity for us to incentivize investments that not only generate financial returns but also contribute to the long-term economic stability and diversification of Uganda.”
The program’s focus on science, technology, and innovation directly aligns with Uganda’s Fourth National Development Plan (NDP IV), which seeks to grow the economy tenfold by 2040. By supporting sectors like agro-industrialization and renewable energy, RISE aims to reduce Uganda’s reliance on traditional economic drivers and create new avenues for growth.
Arshad Rab, CEO and Chairman of the International Council of Sustainability Standards for Value-Driven Financial Institutions, highlighted the critical role of the private sector in this endeavor. “RISE will bring together actors from multiple sectors to drive investment and lending practices that serve both the people and the planet, thus contributing to a more diversified and resilient economy,” Rab said.
The RISE platform will facilitate collaboration among various stakeholders, including financial institutions, government agencies, and private sector entities, to develop and implement innovative solutions. This collaborative approach is essential for creating a diversified economy capable of withstanding global economic shocks.
In particular, the program will focus on modernizing key sectors like agriculture, which employs a significant portion of Uganda’s workforce. By promoting high-tech, resource-efficient practices, RISE aims to transform the agricultural sector into a more productive and sustainable contributor to the national economy.
UDB, as a Sustainability Standards and Certification (SSCI) certified institution, is committed to mainstreaming sustainability into its operations, ensuring that economic growth is achieved in an environmentally responsible manner. The RISE program represents a significant step towards realizing Uganda’s vision of a diversified and strengthened economy.
