Uganda Development Bank Launches RISE Program to Drive Sustainable Economic Transformation

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Uganda Development Bank (UDB) has officially launched the Reshaping Industries for a Sustainable Economy (RISE) Program, an initiative aimed at revolutionizing how the Bank channels its resources to stimulate economic growth and sustainability in Uganda.

The RISE Program is designed to provide innovative solutions to modern economic and environmental challenges by promoting the development of high-tech, high-value-added, high-income, and environmentally sustainable businesses.

It introduces a forward-thinking model that leverages collective efforts to build a robust local industrial base—supporting projects that have the potential to “change the world.”

Redefining Financing and Industrial Development

Unlike traditional financing models where banks passively wait for businesses to seek funding, the RISE Program brings financial institutions together to proactively identify, develop, and finance sustainable, high-impact projects.

The initiative focuses on key sectors vital to Uganda’s long-term development, including technology, agriculture, energy, finance, and policy reform.

UDB’s Managing Director, Patricia Ojangole, emphasized that the RISE Program is not just about funding, it represents a shift in financial strategy and policy thinking.

She highlighted the program’s vision to position Uganda as a continental leader in sustainable banking and economic transformation.

Notably, UDB becomes the first development finance institution in Africa to adopt and implement such an ambitious sustainability-focused initiative.

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Driving Innovation and Sustainability

A core component of the RISE Program is its sustainability certification framework, which enables financial institutions to identify and invest in projects that offer strong social, environmental, and economic returns.

The program prioritizes investments in ventures that demonstrate measurable impacts, such as reduced carbon emissions, increased climate resilience, and improved livelihoods, while ensuring financial profitability.

The RISE Program targets transformative sectors that are central to Uganda’s economic future:

Agriculture and Food Ecosystems: With agriculture employing 72% of Uganda’s workforce and contributing over 24% to GDP in 2024, RISE aims to modernize the sector by integrating technology-driven, sustainable practices to boost productivity and resilience.
Technology and Industrial Innovation: The program champions the development of high-tech industries and startups in areas like artificial intelligence, biotechnology, and clean energy—transitioning Uganda from a low-skilled to a knowledge-based economy.
Energy and Climate Resilience: Aligned with Uganda’s goal to cut greenhouse gas emissions by 24.7% by 2030, RISE supports the development of clean energy solutions and infrastructure that enhance the country’s climate resilience.
Finance and Policy Frameworks: The initiative fosters a robust ecosystem for sustainable finance, encouraging collaboration among financial institutions, the private sector, and policymakers to create enabling policies and investment environments.

Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.