Business
UDB prides in creating over 50,000 jobs in 2023
UDB executives led by their MD Ms. Patricia Ojangole (middle) while launching UDB ‘s 2023 social-economic impact report
Uganda development bank has boasted of making a significant contribution to the country’s social economic development through creating jobs, tax revenue and increased production through its extensive lending operations in 2023.
According to the Uganda Development Bank’s report entitled Development Impact report 2023, the funding of numerous businesses resulted in an increase in the number of jobs created from 51,439 to 51841 both permanent and temporary jobs.
The Bank says in its 2023 Report launched recently under the theme, ‘Transforming Lives: The Role of UDB in Driving Socio-economic Transformation, that over 51,800 jobs were created and a total of output value worth 5.8 trillion shillings was realised from the businesses the Uganda Development Bank (UDB) financed in the year 2023.
The Bank says that the figures underscore the impressive and reassuring socio-economic outcomes of the Bank’s interventions across various sectors through job creation, output value, forex, and tax generated by enterprises supported by the Bank.
Dr. Francis Mwesigye, the Director of Economic Research at UDB, explained that the output value of the businesses the bank funded in 2023 yielded a total of 236.1 billion shillings as direct taxes.
Mwesigye further explained that investment in businesses in the Manufacturing, Agriculture, Human Capital, Tourism among other key sectors improved the livelihoods of Ugandans especially the young people and women.
“The youth have been a driving force in the job market, filling 64% of the jobs created followed by women that 37% of the jobs, also the businesses funded by UDB had an output value worth 5.8 Trillion shillings which makes 3% of the GDP.”
Mwesigye revealed that the enterprises financed by the UDB in 2023 contributed 236.1 billion shillings in direct domestic taxes.
The Bank’s Managing Director Patricia Onjagole stressed the bank’s commitment to transform the lives of Ugandans by fostering the country’s socio-economic growth which justifies its recognition as the best bank in East Africa.
“The 2023 Development Impact Report underscores the substantial impact of our strategic investments and interventions. We are steadfast in our support for Uganda’s economic growth and job creation, with a strong emphasis on sustainability and regional trade. Our financial and non-financial interventions are designed to deliver high socio-economic value, including job creation, increased production output, and foreign exchange earnings while contributing to government revenues through tax,” said Ojangole.
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