Over 30,000 jobs to be created from the July- September project approvals- UDB

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The Uganda Development Bank Limited (UDB), the country’s national Development Finance Institution, has announced that it expects 33,154 jobs created from the July to September project approvals.

The announcement comes at a time when the country is on a steady fast road to recovery after the devastating effects of the Covid-19 pandemic that plunged Uganda’s economy into crisis.

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“The pandemic presented the country with an employment dilemma that saw many people losing their jobs with declining labour force participation rates. In line with our mandate to spur economic development in Uganda, a total of 33,154 new direct jobs are expected to be created, a bulk of which (47 per cent) are in agriculture and manufacturing,” the UDB Managing Director Patricia Ojangole said while releasing the interim development impact report for July – September.

“Uganda remains a largely agrarian country with over 68 per cent of Ugandans engaged in subsistence agriculture. This is the reason the sector remains key in our mandate across the value chain if we are to sustainably meet our strategic plan in line with the National Development Plan. Five of the agricultural projects approved support reduction of post-harvest losses by improving storage and drying facilities while positively affecting food security by increasing farm production.”

The report further indicates significant impact in output value, tax and forex that will in combination facilitate accelerated support towards economic recovery.

A total of 51 projects were approved with majority share in Agriculture (47 per cent), followed by 25 per cent in Tourism, and 22% in Manufacturing. Infrastructure and health comprised 4% and 2% respectively.

“Based on the last 3 quarters, UDB is on a positive trajectory not only to meet its high impact mission but also continue to operate with profitability,” Ojangole said in conclusion.

also read: Where are Uganda’s graduates?

The UDB is the country’s national Development Finance Institution (DFI) with a mandate to accelerate socio-economic development in Uganda through sustainable financial interventions. Consistent with this mandate, the Bank supports projects within the private sector that demonstrate potential to deliver high socio-economic value, in terms of job creation, improved production output, tax contribution and foreign exchange generation, among other outcomes.

These projects fall within the key priority sectors of our economy, and in line with Uganda’s development priorities, the Bank’s financing interventions are mainly in Primary Agriculture, Agro-processing, and manufacturing which account for about 80%of its investment portfolio. The Bank however undertakes specific interventions in other sectors including Tourism, Human Capital Development and Infrastructure including ICT.

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