Uganda Development Bank Limited

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Uganda Development Bank Limited
Company typeParastatal
IndustryFinance
Founded1972
HeadquartersFirst Floor, Rwenzori Towers
6 Nakasero Road, Nakasero
Kampala, Uganda
Key people
Samuel Sejjaaka
chairman
Patricia Adongo Ojangole
chief executive officer
ProductsLoans, equity partnerships, financial advisory services, management services, export/import finance
RevenueIncreaseAftertax:UGX:1.9 billion (2015)
Total assetsUGX:205.6 billion (2015)
OwnerGovernment of Uganda
Number of employees
51 (2015)
WebsiteHomepage

The Uganda Development Bank Limited (UDBL) is a government-owned development bank in Uganda.[1]

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.[1] As of December 2015, UDBL's total assets were valued at UGX:205.6 billion, with a loan book valued at UGX:141 billion.[2] At that time, the shareholders' equity was valued at about UGX:141.55 billion.[3]

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).[4] With these funds, UDBL's focus shifted to financing medium and long term projects in agriculture,[5] manufacturing, and tourism.[3] 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).[6][7]

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.[4]

Services

UDB's services include short term loans, medium term loans, long term loans, equity investments, trade finance loans, and bank guarantees.[8]

Board of directors

As of December 2015, UDBL's board of directors consisted of:[3]

Management

As of August 2015, UDB's management team was:[9]

  • Milly Kasozi - director, human resource & administration
  • Daniel Kagwa - director of finance
  • Patricia Ojangole - chief executive officer
  • Andrew Muluubya - director, management information systems
  • Dorothy Ochola - bank secretary

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.[10][11][12][13]

See also

References

  1. ^ a b UDBL (11 April 2016). "Uganda Development Bank Limited: About Us - Overview". Kampala: Uganda Development Bank (UDBL). Retrieved 11 April 2016.
  2. ^ Muhumuza, Mark Keith (11 April 2016). "UDB writes off bad loans worth Shs7 billion". Daily Monitor. Kampala. Retrieved 11 April 2016.
  3. ^ a b c UDB (30 March 2016). "31 December 2015 Annual Report And Financial Statements". Kampala: Uganda Development Bank (UDB).
  4. ^ a b Kulabako, Faridah (9 July 2013). "Uganda Development Bank to shift its market interest". Daily Monitor. Kampala. Retrieved 4 August 2016.
  5. ^ Moses Mugalu, and Samuel Kayiwa (6 March 2015). "Uganda Development Bank to Focus On Agriculture Market". The Observer (Uganda) via AllAfrica.com. Kampala. Retrieved 3 August 2015.
  6. ^ Otagec, Stephen (2 October 2013). "Bank Lowers Interest Rates On Agriculture Loans". Daily Monitor. Kampala. Retrieved 22 November 2014.
  7. ^ Tajuba, Paul (23 February 2015). "UDB Gets Shs500 Billion To Boost Capital Base". Daily Monitor. Kampala. Retrieved 1 May 2015.
  8. ^ UDB (1 January 2015). "Uganda Development Bank: Services". Uganda Development Bank (UDB). Retrieved 11 June 2015.
  9. ^ UDB. "Our Management Team". Uganda Development Bank (UDB). Retrieved 4 August 2016.
  10. ^ Mukiibi Sserunjogi, Eriasa (5 January 2013). "Audit Reveals Further Rot In Uganda Development Bank". Daily Monitor (Kampala). Retrieved 29 June 2014.
  11. ^ Kakaire, Sulaiman (19 November 2013). "Uganda: Development Bank Faces Probe Over Sh20 Billion Loan". The Observer (Uganda) via AllAfrica.com. Retrieved 29 June 2014.
  12. ^ Katunzi, Pius Muteekani (19 April 2014). "Uganda: UDBL - How The Bad Guys Derailed The IGG". The Observer (Uganda) via AllAfrica.com. Retrieved 29 June 2014.
  13. ^ Wesaka, Anthony (30 June 2014). "UDB's Ojangole Acquitted". Daily Monitor (Kampala). Retrieved 30 June 2014.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Uganda_Development_Bank_Limited&oldid=733139804"