Minister of General Duties Kasule Lumumba hailed the Uganda Development Bank (UDB) for pioneering inclusive financing that prioritizes youth and women entrepreneurs, breaking the long-standing perception that development banks serve only large investors.
Speaking at the second day of the Uganda Development Finance Summit on behalf of the Prime Minister Robinah Nabanja, Lumumba emphasized the significance of UDB’s new facility: any company or project where at least 30% ownership is held by youth, women, or both is eligible for financial support. She described the initiative as a critical step toward equitable economic growth and sustainable development.
“This initiative is a game-changer for Uganda’s economy,” Lumumba said. “By targeting youth and women, UDB ensures that those who have traditionally been marginalized in accessing finance now have a platform to grow their businesses, create jobs, and contribute meaningfully to national development.”
The summit, held under the theme “Transforming Africa through Financial Architecture,” brought together ministers, diplomats, leaders of development banks, financial institutions, civil society representatives, and private sector actors from across Africa. Lumumba highlighted that development banks play a critical role in supporting sectors such as agriculture, manufacturing, and services, which are key drivers of employment and national growth.
She further underscored that inclusive finance is vital in tackling development challenges such as limited access to capital, insufficient infrastructure, and the impacts of climate change. By ensuring women and youth can access finance, UDB is empowering a new generation of entrepreneurs who can build resilient enterprises, adopt innovative practices, and participate in regional and global markets.
Lumumba also noted that development banks are crucial partners in ensuring government programs reach their intended beneficiaries. She praised UDB for its vision in creating platforms that foster collaboration, knowledge sharing, and African-led solutions to development challenges.
“By linking financial support to ownership by youth and women, UDB is sending a clear message: everyone has a role to play in Uganda’s growth story,” Lumumba said. “This is how we ensure no community, group, or region is left behind, and that economic transformation is inclusive, sustainable, and impactful.”
The UDB Finance Summit continues to serve as a platform for advancing strategies that leverage development finance to unlock Africa’s potential, with the youth and women-focused facility representing a model of inclusive economic empowerment.
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