Uganda Development Bank (UDB) has launched the RISE program, an initiative that is expected to transform the way the bank deploys its resources within the economy.
Reshaping Industries for a Sustainable Economy (RISE) delivers a groundbreaking solution to address modern-day challenges, diversify the economy, and establish high-tech, high-value-added, and truly green businesses and projects. It focuses on developing a sustainable local industrial base through the power of crowds. It is about creating and funding “Change the World” businesses and projects.
The platform enables financial institutions to create demand for sustainable finance by turning key societal, economic, and environmental challenges into transformational business opportunities.
During the launch of the platform at the Kampala Serena Hotel on Thursday, Patricia Ojangole, the Managing Director of the UDB, revealed that under RISE, the bank will be able to deploy its loans, advances, and investment portfolio by exploiting science and technology, revolutionizing business models, refueling innovation in the economy and igniting corporate ad startup entrepreneurship to fast-track socio-economic transformation that is environmentally and climate-friendly.
“At a time where countries are not only focusing on development but sustainable development which meets the needs of the present without compromising the ability of future generations, the financial sector must play a catalytic role towards making this future possible,” said Ojangole.
She adds “Creating a more sustainable future requires an all-hands-on-dect approach from all actors and financing is a key lever to influence sustainable outcomes. RISE presents a unique opportunity for us as UDB and all the other stakeholders, to incentivize the transition through agreeing to lend to, invest in, and ensure businesses that manage their nature risks and impacts.”
RISE’s aspirations are consistent with the Fourth National Development Plan (NDP IV) theme of sustainable industrialization for inclusive growth, employment, and sustainable wealth creation. The government has embarked on an ambitious strategy to grow Uganda’s economy tenfold from US$50 billion to US$500 billion by 2040. This strategy focuses on agro-industrialization, science, technology, and innovation among others as catalysts for this growth.
Simultaneously, the UN Sustainable Development Goals (SDGs) to which Uganda is a party, advocate for inclusive and sustainable industrialization, supporting developing countries to strengthen their scientific and technological capacity to move towards more sustainable patterns of consumption and production, and increasing substantially the share of renewable energy in the global energy mix.
At the launch, Arshad Rab, CEO and Chairman of the International Council of Sustainable Standards for Value-Driven Financial Institutions noted that while there is consensus on development that is sustainable, nations need to make deliberate efforts to bring these aspirations to fruition.
“The private sector will play an important role in redefining business as usual, helping to support the transition from exploiting nature to restoring nature. RISE will bring together actors from multiple sectors to help drive investment and lending practices that serve the people and the planet,” Rab explained.
Rab also noted that RISE will create an ecosystem in which agritech companies, scientists, the engineering community, tech startups, investors, financial institutions, energy tech providers, government agencies, and policymakers will drive innovative solutions that are environmentally and climate-friendly.
“RISE heralds a new dawn where we rise to the unique challenges of the 21st century, by capitalizing on emerging technologies and solutions and deploying the power of innovative ideas to change lives for the better,” Rab remarked.
In the case of the agricultural sector which employs approximately 72% of the country’s population and contributed about 24.1% to the GDP in 2024, RISE will seek to build a technology ecosystem to enable a shift from unsustainable to sustainable agricultural and food industry.
“This technology ecosystem will turn the agrifood industry which is characterized by low-tech, low-yield highly labor and resource intensive and increasingly harmful for human health and environment, to a modern industry that is high-yield, high-tech, resource efficient and protects human health and natural environment.”
A Sustainability Standards and Certification (SSCI) certified financial institution, UDB has mainstreamed sustainability through various initiatives. This has enabled the bank to support the country’s development agenda while at the same time creating a positive impact on society, the economy, and the environment.
