The 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 bank said RISE seeks to address modern-day challenges, diversify the economy, and establish high-tech, high-value-added, high-income, and truly green 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, the bank said.
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, revolutionizing 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, the financial sector must play a
catalytic role towards making this future possible,” Ojangole said.
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 $50 billion to $500 billion by the year 2040.
Arshad Rab, CEO and Chairman, International Council of Sustainability Standards for Value-Driven Financial Institutions noted that while there is consensus on 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.
He said the RISE platform will create an ecosystem in which agrotech companies, scientists, the engineering community, tech startups, investors, financial institutions, energy tech providers, government agencies, and policy makers will drive innovative solutions that are environmentally and climate-friendly.
“RISE heralds a new dawn where we rise 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.
