Uganda Development Bank (UDB) has launched the Reshaping Industries for a Sustainable Economy (RISE) Program. This initiative is expected to transform the way the Bank deploys its resources within the economy.
The RISE Program delivers a groundbreaking solution to address modern-day challenges, diversify the economy, and establish high-tech, high-value-added, high-income, and truly green businesses and projects. It focuses on developing a sustainable local industrial base through the power of crowds. It is about creating and funding “Change the World” businesses and projects.
The RISE platform enables financial institutions to create demand for sustainable finance by turning key societal, economic, and environmental challenges into transformational business opportunities.
During the launch held at Kampala Serena Hotel on Thursday, Patricia Ojangole, the Managing Director of Uganda Development Bank, revealed that under the RISE Platform, UDB will be able to deploy its loans, advances, and investment portfolio through exploiting science and technology, revolutionising business models, fueling innovation in the economy and igniting corporate and start-up entrepreneurship to fast-track socio-economic transformation that is environmentally and climate-friendly.
“At a time where countries are not only focusing on development but sustainable development which meets the needs of the present without compromising the ability of future generations, it is critical that the financial sector plays a catalytic role towards making this future possible,” Ojangole said.
“Creating a more sustainable future requires an all-hands-on-deck approach from all actors and financing is a key lever to influence sustainable outcomes. RISE presents a unique opportunity for us as UDB and all the other stakeholders, to incentivize the transition through agreeing to lend to, invest in and insure businesses that manage their nature risks and impacts,” she added.
RISE’s aspirations are consistent with the Fourth National Development Plan (NDP IV) theme of sustainable industrialization for inclusive growth, employment and sustainable wealth creation. The government has embarked on an ambitious strategy to grow Uganda’s economy tenfold, from USD50 billion to USD500 billion by the year 2040. This strategy focuses on agro-industrialization, science, technology, and innovation among others as catalysts for this growth.
At the same time, the UN Sustainable Development Goals (SDGs) to which Uganda is party, advocate for inclusive and sustainable industrialization, supporting developing countries to strengthen their scientific and technological capacity to move towards more sustainable patterns of consumption and production, and increasing substantially the share of renewable energy in the global energy mix.
At the launch of RISE, Arshad Rab, CEO and Chairman, International Council of Sustainability Standards for Value-Driven Financial Institutions noted that while there is consensus to development that is sustainable, nations need to make deliberate efforts to bring these aspirations to fruition.
“The private sector will play an important role in redefining business as usual, helping to support the transition from exploiting nature to restoring nature.
RISE will bring together actors from multiple sectors to help drive investment and lending practices that serve the people and the planet,” Rab said in his remarks.
He said the RISE platform will create an ecosystem in which agritech companies, scientists, the engineering community, tech startups, investors, financial institutions, energy tech providers, government agencies and policymakers will drive innovative solutions that are environmentally and climate-friendly.
“RISE heralds a new dawn where we rise up to the unique challenges of the 21st century, by capitalizing on emerging technologies and solutions and deploying the power of innovative ideas to change lives for the better.”
In the case of the agricultural sector which employs approximately 72% of Uganda’s population and contributed about 24.1% to the GDP in 2024, RISE will seek to build a technology ecosystem to enable a shift from unsustainable to sustainable agricultural and food industry.
Rab added; “This ecosystem will turn the agrifood industry which is characterized by low-tech, low-yield highly labour and resource intensive and increasingly harmful for human health and environment, to a modern industry that is high-yield, high-tech, resource efficient and protects human health and natural environment.”
A Sustainability Standards and Certification (SSCI) certified financial institution, UDB has mainstreamed sustainability through various initiatives. This has enabled the bank to support the country’s development agenda while at the same time creating a positive impact on society, the economy, and the environment.
Minister for Science Technology and Innovation Monice Musenero welcomed the program and alluded that it has come at the right time. “Studying industrial revolutions, I’ve learned you must grab technologies early, before they’re mainstream, to spark growth. Our National Development Plan IV aims for a “qualitative leap”—transforming what we sell through science and innovation, targeting 16% annual growth by 2040. Economists call it wishful thinking, but it’s calculated, and today’s keynote convinced me it’s possible.”
The minister added that Uganda can’t settle for 5% growth anymore. “Young industries are knocking on doors, but banks don’t understand them. Science is magic with evidence look at it, even if it challenges what you know. As Minister, I’m all in, relentlessly advocating for this shift. Regulators must adapt too, or banks will fear defaulting under old rules”
She added; “This is the vision I’ve been waiting for it’s my rallying cry to shake up banking. Innovators shouldn’t be relegated to “social responsibility” crumbs; they deserve mainstream funding. Uganda’s economy is stagnant—new clients just shuffle between banks. But a knowledge economy is limitless, like an unfolding scroll of opportunities. The challenge is: Are we ready to seize them?”
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