UDB says 69,202 jobs reported in 2025 were physically verified

Uganda Development Bank says enterprises it financed created or sustained 69,202 jobs in 2025, with the bank physically verifying the employment figures through follow-up assessments.

Uganda Development Bank (UDB) has said 69,202 jobs created and sustained by enterprises it financed in 2025 were physically verified through follow-up assessments.

Managing Director Patricia Ojangole made the revelation on Thursday during UDB’s Annual General Meeting, where the bank reviewed its 2025 financial and development performance.

Ojangole said the bank returned to enterprises it had financed to check and confirm the jobs included in its annual employment figures.

“The number that we've reported in this annual report, 69,202 jobs, is actual jobs that we went back to check, to confirm, to evaluate, and we can confirm that the jobs are there,” Ojangole said.

The 69,202 jobs represent a 24.6% increase from the previous year and were generated and sustained by businesses supported through UDB financing.

Ojangole said the employment figures form part of the bank’s broader assessment of the impact of development finance on businesses and the economy.

She said demand for UDB financing has been increasing alongside Uganda’s economic expansion.

“But then you also appreciate that our economic fundamentals have been good. As the economy has been expanding, we're seeing more demand for support from the bank,” Ojangole said.

She said the largest share of UDB’s financing goes into agriculture, commercial agriculture, manufacturing and industry.

“Most of the approvals we do and the disbursements, these new loans we give out, are in agriculture, commercial agriculture sectors, manufacturing, and industry, and that's about between 65% to 70% of the entire book,” she said.

Ojangole said these sectors are important to Uganda’s efforts to increase production, promote value addition and create employment.

Finance Minister Henry Musasizi said UDB’s role is to channel long-term financing into productive areas of the economy where it can support private sector development.

Musasizi said the Government’s continued support to the bank is aimed at increasing its capacity to finance businesses and contribute to economic transformation.

During 2025, UDB approved Shs518.4 billion in new funding for 120 projects and disbursed Shs502.2 billion, representing a 29% increase in disbursements compared to 2024.

UDB said the financing enabled enterprises to expand production, modernise operations, adopt new technologies and strengthen their competitiveness in domestic and export markets.

The enterprises financed by the bank generated annual production valued at Shs6.26 trillion during the year.

They also generated profits of more than Shs1.16 trillion, according to the bank.

Tax contributions from the supported enterprises increased by 22.5% to Shs387 billion, while foreign exchange earnings rose from Shs1.11 trillion to Shs1.84 trillion.

Ojangole said the bank’s growing capital position has helped it attract financing from both Government shareholders and international lenders.

“The bank has gained significant stakeholder confidence here in-country from the shareholders who, as you have seen, are committed and keep supporting the bank to get capital, but also from the traditional international lenders,” she said.

She said UDB’s ability to mobilise more capital is linked to its ability to demonstrate where and how the funds will be deployed.

She said funders assess UDB’s strategy, pipeline and previous lending performance before committing additional resources.

“When we go to mobilize the funding, the funders want to see the pipeline. They want to see, ‘What's your strategy? Where are you going to deploy it? In which sectors? How much have you done previously?’” she said.

Musasizi said strengthening development finance remains important for expanding Uganda’s productive sectors and creating more opportunities for businesses and workers.

The verified employment figures add to the wider economic impact reported by UDB, with supported enterprises also recording higher production, profits, tax contributions and foreign exchange earnings during 2025.