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Uganda Development Bank Limited

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The Uganda Development Bank Limited UDBL is a government-owned development bank in Uganda

Contents

  • 1 Overview
  • 2 History
  • 3 The future
  • 4 Services
  • 5 Board of directors
  • 6 Management
  • 7 Controversy
  • 8 See also
  • 9 References
  • 10 External links

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 As of December 2016, UDBL's total assets were valued at UGX:2264 billion, with a loan book valued at UGX:1835 billion At that time, the shareholders' equity was valued at UGX:156,541,284,000

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 With these funds, UDBL's focus shifted to financing medium and long term projects in agriculture, manufacturing, and tourism 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

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

Services

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

Board of directors

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

  • Samuel Sejjaaka - Chairman
  • Charles Victor Byaruhanga
  • Stephen Isabalija
  • Nimrod Waniala
  • Henry Balwanyi Magino
  • Silvia Angey Ufoyuru

Management

As of August 2017, UDB's management team was:

  • Patricia Ojangole - chief executive officer
  • Joshua Allan Mwesiga - director, human resource & administration
  • Denis Owens Ochieng - director of finance
  • Ladislao Ategeka - director development finance
  • Andrew Muluubya - director, management information systems
  • Stephen Hamya - chief internal auditor
  • Francesca Kakooza - 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

See also

  • Banking in Uganda
  • Economy of Uganda
  • List of banks in Uganda
  • Trade and Development Bank
  • East African Development Bank
  • World Bank

References

  1. ^ a b c d e f g UDB 27 February 2017 "Uganda Development Bank Documents: 2016 Annual Report" Kampala: Uganda Development Bank UDB Retrieved 30 August 2017 
  2. ^ a b UDBL 11 April 2016 "Uganda Development Bank Limited: About Us - Overview" Kampala: Uganda Development Bank UDBL Retrieved 11 April 2016 
  3. ^ a b Kulabako, Faridah 9 July 2013 "Uganda Development Bank to shift its market interest" Daily Monitor Kampala Retrieved 4 August 2016 
  4. ^ Moses Mugalu, and Samuel Kayiwa 6 March 2015 "Uganda Development Bank to Focus On Agriculture Market" The Observer Uganda via AllAfricacom Kampala Retrieved 3 August 2015 
  5. ^ Otagec, Stephen 2 October 2013 "Bank Lowers Interest Rates On Agriculture Loans" Daily Monitor Kampala Retrieved 22 November 2014 
  6. ^ Tajuba, Paul 23 February 2015 "UDB Gets Shs500 Billion To Boost Capital Base" Daily Monitor Kampala Retrieved 1 May 2015 
  7. ^ UDB 1 January 2015 "Uganda Development Bank: Services" Uganda Development Bank UDB Retrieved 11 June 2015 
  8. ^ UDB "Our Management Team" Uganda Development Bank UDB Retrieved 4 August 2016 
  9. ^ Mukiibi Sserunjogi, Eriasa 5 January 2013 "Audit Reveals Further Rot In Uganda Development Bank" Daily Monitor Kampala Retrieved 29 June 2014 
  10. ^ Kakaire, Sulaiman 19 November 2013 "Uganda: Development Bank Faces Probe Over Sh20 Billion Loan" The Observer Uganda via AllAfricacom Retrieved 29 June 2014 
  11. ^ Katunzi, Pius Muteekani 19 April 2014 "Uganda: UDBL - How The Bad Guys Derailed The IGG" The Observer Uganda via AllAfricacom Retrieved 29 June 2014 
  12. ^ Wesaka, Anthony 30 June 2014 "UDB's Ojangole Acquitted" Daily Monitor Kampala Retrieved 30 June 2014 

External links

  • Uganda Development Bank Website
  • Judge Faults IGG In UDB Sackings
  • Uganda: UDB Waits for Shs500 Billion Boost
  • UDBL makes gains In tackling bad loans
  • What do development banks really do

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