The Uganda Development Bank (UDB) today launched the Inaugural Uganda Development Finance Summit, a two-day high-level event themed “Transforming Africa’s Future through Finance, Policy & Innovation.” Convening policymakers, finance leaders, development partners, and private sector champions, the Summit signals Kampala as a fresh hub for bold development thinking.
In a rich, wide-ranging address, President Museveni pushed back against overreliance on private capital and external aid, asserting that Africa needs to finance its own transformation.
“Relying on the private sector to bring development is not correct. They squander money and never mind about the people they should develop. That is why we needed our own UDB, that is why we needed an Ojangole.”
He dismissed traditional aid dynamics, saying, “We don’t have any grudge with donors, but they buy our products cheaply, add value, and sell them back at very high prices. To me, that means Africans are their own donors.”
Highlighting strategic infrastructure achievements, he referenced Chinese financing’s role in shaping Uganda’s energy future—specifically the Isimba and Karuma hydroelectric projects:
The Karuma Hydropower Project (600 MW, Uganda’s largest) was built for approximately $1.7 billion, financed largely through a $1.4 billion loan from China’s Exim Bank, which covered about 85% of the cost.
The Isimba Hydropower Station (183 MW), commissioned in 2019, was funded through an 85% loan (~$482 million) from China Export-Import Bank, with Uganda contributing the remaining 15%, bringing total project costs near $568 million
President Museveni also lamented high borrowing costs domestically and called on UDB to act as a beacon of affordable capital, “Interest rates must come down. UDB should keep its rate at no more than 10% so that Ugandans can invest and produce.”
Moderated by Omar Ben Yedder (Publisher & Managing Director, IC Publications), the opening session saw distinguished contributions:
Dr. Arkebe Oqubay, Former Senior Minister of Ethiopia, emphasized that industrial policy must be strategic and export-oriented, “An economy that does not look outward and remains confined to the domestic market is destined to underperform. Export competitiveness is non-negotiable.”
Patricia Ojangole, Managing Director of UDB, asserted that true development must be home-grown and collaborative, “Development in Uganda cannot be imported. It must be home-grown, collaborative, and anchored in strong partnerships across government, private sector, and development finance institutions.”
The opening day forged a resonant consensus: Africa’s future lies in self-financed transformation, strategic industrialization, fiscal accountability, and inclusive financial innovation. As the Summit progresses, stakeholders will dig into unlocking finance for industrial capacity, de-risking private investments, and reinforcing Africa’s role in global value chains.
Day Two promises deeper exchanges through thematic sessions, fireside chats, and a closing high-level communiqué capturing the Summit’s commitments and outcomes.
