The Uganda Development Bank (UDB) has expanded its footprint with the launch of a new Mid-Western regional branch in Hoima City, a move expected to accelerate economic growth and unlock investment opportunities across the Bunyoro Kitara and Greater Tooro regions.
The bank, which currently finances more than 700 enterprises nationwide—including 216 SMEs, 85 women-owned businesses and 13 youth-led ventures—has earmarked 1.8 trillion shillings for Ugandans seeking to invest in productive sectors.
Speaking at the launch on Wednesday, UDB Investment Director Mahamoud Adama said 9 billion shillings has been set aside specifically for the Bunyoro region, while 198 billion shillings has already been approved for 42 projects aimed at lifting communities out of poverty.
According to her, the branch will help meet both the financial and non-financial needs of local businesses while promoting equitable economic development.
Adama noted that supporting more youth, women and SMEs is essential if Uganda is to achieve middle-income status by 2040, adding that opening regional branches—starting with Gulu, Mbale, and now Hoima, with Mbarara planned next year—is part of the bank’s mission to widen access to development financing.
UDB Managing Director Dr. Patricia Ojangole said the new branch represents a new chapter in the bank’s transformation agenda.
She said development is not just about infrastructure but about transforming people and communities.
She added that expanding into underserved regions is key to closing financial access gaps and stimulating inclusive growth.
State Minister for Bunyoro Affairs Jennifer Namuyango, who presided over the ceremony, said the expansion comes at a critical time, especially with the region poised to benefit from agriculture, oil and gas, energy, and tourism.
She encouraged local entrepreneurs to take advantage of the bank’s services as the region prepares to host visitors for AFCON 2027.
Local hotelier Peter Kajura Byenkya, owner of Kabalega Resorts, said UDB’s financing helped his business grow from 29 rooms in 2017 to more than 60 rooms today, earning a three-star rating and ranking among Uganda’s top 47 hotels. He said his business would not be competitive without UDB’s support.
Hoima City East Division MP Patrick Isiingoma welcomed the bank’s presence, saying it would ease the flow of affordable credit to communities often disadvantaged by the high lending rates charged by commercial banks. He said the UDB branch offers an opportunity for individuals and enterprises to access investment capital at lower interest rates.
Bunyoro Kingdom Prime Minister Andrew Byakutaga said over 30 projects in the kingdom have already benefited from UDB financing. He urged residents to use the bank’s services to invest in value addition, tourism, maize production and processing.
Located on Kyaruhanga Road in Hoima City, the new UDB branch is expected to attract investments, support local enterprises, and boost economic activity in a region known for its cultural heritage, natural resources, and growing tourism potential.