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Uganda Development Bank goes big on sustainability agenda

Samuel Edem addressed journalists before the official closure of the forum on Dec.03 at the office of the Prime Minister in Kampala.

Kampala, Uganda | THE INDEPENDENT | Uganda Development Bank Limited is fronting sustainability as a strategy to enhance business operations and secure opportunities for the future generation, according to Samuel Edem – Maitum, the bank’s director of credit.

Edem was speaking to journalists in Kampala attending the 2021 World Development Finance Forum held virtually from Dec.02-03.

Experts define ‘sustainability’ as the management and coordination of environmental, social and financial demands and concerns to ensure responsible, ethical and ongoing success. It also has to do with meeting the needs of the present without compromising those of the future.

Edem said, they are working together with the private sector to ensure that any funding opportunities that they access have an element of sustainability across the board.

“It is our responsibility to raise money to mobilise funds and invest in infrastructure and other areas to benefit the future generation,” he said, “we are looking for impactful business plans and interventions as a development bank.”

The good thing, Edem said, UDBL has in place business advisory teams and those from environmental and social sectors to help businesses get ready to attract funding from the bank basing on the sustainability business model.

He said that the bank will engage other institutions engaged in different sectors to embrace sustainability. “It is not about words, it is action,” he said.

He said, resource maximization is the way to go in industries like recycling, agriculture and others if the future generation is to be catered for.

The Ministry of Finance, Planning and Economic Development and the Uganda Development Bank Limited with their international partners co-hosted the forum whose participants mainly hailed from the financial sector.

Themed “Discover the Game Changing Solutions for Financing a Sustainable Post – Pandemic Future,” the forum attracted over 400 delegates from 45 countries exploring new approaches, pragmatic solutions, and collective actions to mobilize capital and finance the transition to a zero-carbon, green, inclusive and sustainable economy.

This is the second convening of the WDFF and marks the second time that UDB and the Government of Uganda are hosting the event.

Ahead of the forum, UDB Managing Director, Patricia Ojangole said, the gathering would also spotlight Uganda’s own efforts and that of UDB to invest in the best knowledge available on financing a sustainable and resilient economy.

“It will also demonstrate to the world what is possible when governments and financing institutions enact smart and ethical policies towards building a sustainable future,” Ojangole said.

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