The Uganda Development Bank (UDB) has unveiled its groundbreaking Reshaping Industries for a Sustainable Economy (RISE) Program. This innovative initiative promises to transform the way UDB deploys its resources within the economy, addressing modern-day challenges while promoting sustainable development.
The RISE Program represents a paradigm shift in how financial institutions can drive demand for sustainable finance. By turning key societal, economic, and environmental challenges into transformational business opportunities, RISE aims to create and fund “Change the World” businesses and projects.
During the launch, Patricia Ojangole, the Managing Director Uganda Development Bank, revealed that under the RISE Platform, UDB will be able to deploy its loans, advances, and investment portfolio through exploiting science and technology, revolutionizing business models, fueling innovation in the economy and igniting corporate and start-up 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, it is critical that the financial sector plays a catalytic role towards making this future possible,” Ojangole said.
“Creating a more sustainable future requires an all-hands-on-deck 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 insure businesses that manage their nature risks and impacts,” she added.
RISE’s aspirations dovetail perfectly with Uganda’s Fourth National Development Plan (NDP IV) and the UN Sustainable Development Goals (SDGs). The program supports the government’s ambitious strategy to grow Uganda’s economy tenfold, from $50 billion to $500 billion by 2040, focusing on agro-industrialization, science, technology, and innovation as key catalysts.
Arshad Rab, CEO and Chairman, International Council of Sustainability Standards for Value-Driven Financial Institutions noted that while there is consensus to 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 said in his remarks.
He said the RISE platform will create an ecosystem in which agritech companies, scientists, 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 up 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 added; “This ecosystem will turn the agrifood industry which is characterized by low-tech, low-yield highly labour 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.”
The program aims to create an ecosystem where various stakeholders, including agritech companies, scientists, tech startups, and policymakers, can collaborate to drive innovative, environmentally-friendly solutions.
With agriculture employing approximately 72% of Uganda’s population and contributing about 24.1% to the GDP in 2024, RISE seeks to transform this vital sector. The program aims to shift from unsustainable practices to a modern, high-yield, high-tech, and resource-efficient industry that protects both human health and the natural environment.
As a Sustainability Standards and Certification (SSCI) certified financial institution, UDB has already mainstreamed sustainability through various initiatives. The RISE Program further cements the bank’s commitment to supporting Uganda’s development agenda while creating positive impacts on society, the economy, and the environment.
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