UDB opens Mbale regional office to boost access to finance in Eastern Uganda
Located on Masaba Road, the new office will serve as a key liaison hub for the sub-regions of Elgon, Teso, Bukedi, Busoga and Karamoja
MBALE CITY, March 31, 2026 — The Uganda Development Bank [ UDB ] has officially opened its Eastern Regional Office in Mbale City, a move aimed at bringing development financing services closer to businesses and communities across the region where agro-industrialisation is taking centre stage.
Located on Masaba Road, the new office will serve as a key liaison hub for the sub-regions of Elgon, Teso, Bukedi, Busoga and Karamoja, in line with UDB’s mandate to support high-impact private sector investments.
Speaking at today’s launch, UDB Managing Director Patricia Ojangole said the new office marks a major step in expanding the bank’s reach and strengthening its role in driving Uganda’s economic transformation.
“Our mandate is to spur development through sustainable financing solutions that support high-impact private sector investments. Everything we do is geared towards creating jobs, boosting production and strengthening exports as Uganda works towards growing the economy tenfold by 2040,” she said.
She added that the Mbale office is part of a broader expansion strategy.
“This is a significant step forward as we broaden our reach. We have been operating from Kampala, Gulu and Hoima, supported by mobile teams across more than 105 districts. The Mbale office is the first of three new regional hubs, to be followed by Mbarara and Arua, bringing our services closer to where Ugandans live and do business,” Ojangole said.
Ojangole noted that Eastern Uganda holds vast economic potential in agriculture, tourism and industry, which the bank aims to unlock.
“Our presence here will improve access to finance and advisory services for enterprises that need them most. Over the last five years, we have already disbursed more than Shs 200 billion into nearly 100 projects in the region, supporting businesses that are creating real impact in their communities,” she said.
She highlighted that between 2021 and 2024, UDB-financed projects in Eastern Uganda created and sustained more than 7,000 jobs, while generating significant output, tax revenue and foreign exchange earnings.
UDB’s Director of Strategy and Corporate Affairs, Joshua Allan Mwesiga, said the bank recorded strong growth in 2025, underlining its expanding role in national development.
“Our total assets grew by 24 percent to Shs 2.28 trillion in 2025, supported by new government capital and external financing. The loan portfolio expanded to Shs 1.77 trillion, with 60 percent invested in agriculture, agro-industry and manufacturing, demonstrating our continued focus on the real economy,” he said.
He added that the bank disbursed Shs 502.2 billion during the year, a 29 percent increase from the previous period.
“We approved 120 projects in 2025, which are expected to create more than 33,600 jobs, mainly for the youth. These investments will generate trillions in output, profits and tax contributions, while boosting Uganda’s foreign exchange earnings,” Mwesiga noted.
Looking ahead, he said UDB plans to adopt a more proactive financing approach.
“We are transitioning to a supply-driven financing model that addresses systemic development challenges, unlocks value chains and expands impact across communities, while positioning the bank as a centre of excellence in development finance,” he said.
Mbale District LCV Chairperson Muhammad Mafabi welcomed the development, describing it as a timely intervention for businesses struggling to access affordable financing.
“The establishment of this regional office presents a solution to the financing gap faced by businesses in Eastern Uganda. With access to long-term financing of up to 15 years, enterprises can invest in expansion, machinery and value addition,” Mafabi said.
He added that Mbale’s growing industrial base makes it a strategic location for such an investment.
“Mbale is an economic gateway with strong cross-border trade potential. Industrial hubs like the Sino-Uganda Industrial Park have already created thousands of jobs, but access to patient capital remains essential to sustain this growth,” he noted.
UDB Senior Investment Manager for Agriculture, Steven Kakonge, said the new office will provide both financial and advisory services tailored to the region’s needs.
“The Mbale office will offer long-term financing, business advisory, project preparation and investment support across sectors such as agriculture, manufacturing, tourism, education and health, with special focus on women and youth,” he said.
“This office will serve as a strategic hub for unlocking the region’s economic potential, including opportunities in tourism and value addition, helping transform livelihoods across Eastern Uganda,” Kakonge added.
Mbale City Mayor-Elect Joyce Matuka Kidulu hailed the development as a sign of the city’s growing economic prospects.
“Today we are witnessing positive changes taking shape — from new buildings to improved infrastructure — signalling a brighter future for our people. We are committed to supporting initiatives that uplift our community and attract more investment,” she said.
“Mbale has big dreams, and with collaboration and continued investment, we will achieve them,” she added.
The establishment of the Eastern Regional Office is expected to enhance access to finance, support enterprise growth and accelerate job creation, reinforcing UDB’s role in driving inclusive and sustainable development across Eastern Uganda.
https://thecooperator.news/govt-committed-to-delivering-10-fold-growth-strategy-udb-rise-forum-told/
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