The Uganda Development Bank (UDB) convened a notable gathering of stakeholders during the International Monetary Fund (IMF) and World Bank Spring Meetings to explore avenues for enhancing the efficacy of national development banks across Africa.
The objective of this assembly was to nurture collaborative partnerships, share perspectives on the pivotal role of national development banks in addressing Africa’s economic, social, and environmental imperatives, and to delineate the trajectory for UDB’s transformative agenda.
Under the leadership of Felix Okoboi, Chairman of the Board of Directors, and Patricia Ojangole, Managing Director, UDB facilitated substantive dialogues with key figures within the developmental finance arena.
Ojangole underscored the nuanced equilibrium that national development banks must uphold between financial viability and developmental impact. While emphasizing UDB’s sustained profitability, she reiterated the institution’s primary commitment to fostering positive change in Uganda.
Highlighting the pivotal role of national development banks in Africa’s progress, State Minister for Finance, Henry Musasizi, emphasized their complementary function to commercial banks and private lenders. He lauded UDB’s endeavors in innovation and green financing, amid escalating climate risks, affirming the government’s unwavering support for the bank’s strategic initiatives.
Musasizi advocated for increased financial backing from African governments, citing Uganda’s exemplar capitalization of UDB, which stands as the most capitalized national development bank on the continent.
Chairman Okoboi echoed gratitude for the government’s backing and rallied stakeholders to align with UDB’s aspirations of expanding its financial base to bolster interventions in critical sectors like infrastructure.
Insights from Admassu Tadesse, Group President and Managing Director of Trade and Development Bank (TDB), underscored the importance of credibility in attracting regional and global partnerships for co-financing endeavors.
Ousmane Fall, Director of Non-Sovereign Operations and Private Sector at the African Development Bank (AfDB), stressed the imperative for robust risk management frameworks within national development banks to enhance their attractiveness to global financial institutions.
Sander Glas, Program Officer at the Bill & Melinda Gates Foundation, underscored the unique contribution of philanthropic entities in providing patient capital conducive to the objectives of development banks.
Discussions also delved into the profound impact of digitization on financial services and the imperative for sustainable finance, underscoring the potential for national development banks to bridge the funding gap for climate projects with the requisite support.
