Uganda Development Bank to create 3,928 jobs in approved projects
The Uganda Development Bank (UDB) has announced that it expects to create 3,928 jobs from the approved projects in the first quarter of 2023. The bank aims to foster economic growth and development in Uganda through these projects, which include job creation, increased output value, tax revenue generation, and foreign exchange earnings.
The approved projects are expected to generate UGX 74 billion in additional tax revenue for the government, UGX 1.6 trillion in improved output value, and UGX 128.18 billion in foreign exchange earnings. The agro-processing and manufacturing sectors are projected to create the highest number of jobs, with 1,728 and 987 jobs respectively.
In the primary agriculture sector, projects with a loan amount of UGX 2.21 billion are expected to generate 117 jobs, contribute an output value of UGX 4.92 billion, and generate tax revenues of UGX 480 million. These projects aim to enhance agricultural productivity, promote technological advancements, and address post-harvest losses.
The agro-processing sector, with an approved loan amount of UGX 80.42 billion, is expected to create 1,728 jobs, contribute an output value of UGX 420.74 billion, generate tax revenues of UGX 25.35 billion, and foreign exchange earnings of UGX 48.29 billion. Investment in this sector will support market development for agricultural products, value addition, and exports.
In the manufacturing sector, UDB approved a loan amount of UGX 239.49 billion for projects expected to create 987 jobs, contribute an output value of UGX 348.3 billion, and generate tax revenues worth UGX 12.78 billion. The manufacturing sector plays a vital role in economic transformation, employment generation, import substitution, and export promotion.
UDB also approved a loan amount of UGX 3 billion to promote infrastructure in the tourism sector. These projects are projected to generate 301 jobs, contribute an output value of UGX 18.4 billion, generate tax revenues of UGX 560 million, and foreign exchange earnings of UGX 1.71 billion.
The development of infrastructure and promotion of Uganda as a tourist destination contribute to the growth of the tourism sector.
Additionally, three infrastructure projects were approved with a loan amount of UGX 117.79 billion. These projects are expected to create 795 jobs and contribute an output value of UGX 844.55 billion. The investment in infrastructure aims to strengthen Uganda’s infrastructure, foster economic growth, and attract further investments.
The UDB Special Programs focus on empowering small and medium-sized enterprises (SMEs), youth-owned enterprises, and women-owned enterprises.
The bank approved UGX 2.9 billion for 12 projects in this segment, which is expected to generate 206 jobs. The bank is committed to transforming the lives of Ugandans, addressing poverty, inequality, and unemployment in line with its mandate and the government’s vision.
Overall, UDB’s project approvals in the first quarter of 2023 aim to create jobs, increase output value, generate tax revenues, and enhance foreign exchange earnings, contributing to Uganda’s socio-economic development.
