President Museveni has emphasized the central role of development finance institutions in Africa's transformation, urging planners and financiers to balance infrastructure spending with "results-generating projects" that draw millions of Ugandans into the money economy.
The president, accompanied by the First Lady and Minister of Education and Sports, Maama Janet Kataaha Museveni, made the remarks while officially opening the inaugural Uganda Development Finance Summit at the Commonwealth Resort Hotel, Munyonyo.
The two-day conference, hosted by the Uganda Development Bank (UDB), convened policymakers, government leaders, financiers, the private sector, and international partners to deliberate on how development finance can accelerate Africa's social and economic transformation.
Citing Uganda's fiscal choices such as diverting resources to the Parish Development Model, Museveni urged policymakers to prioritize investments that boost productivity over those that merely provide utility.
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He stressed that cheap capital, electricity, and reliable transport are the backbone of industrial growth, criticizing past technocrats for focusing on social infrastructure while neglecting economic enablers like railways and power.
Tracing the origins of UDB, Museveni said it was established to provide patient capital for commercial agriculture, manufacturing, services such as tourism and ICT, and artisanship.
He reiterated that wealth creation depends on these four sectors, while broader development benefits everyone.
He further called for African market integration, value addition to local resources, and affordable credit to drive industrialization.
The president also warned against exploitative lending practices by commercial banks, arguing that UDB remains the solution for financing productive sectors.
Finance Minister Matia Kasaija noted that Africa remains one of the fastest-growing regions globally, projecting Uganda's GDP to grow from nearly $50 billion in 2023 to $500 billion by 2040, anchored on agro-industrialization, tourism, mineral development, and ICT innovation.
UDB Managing Director Dr. Patricia Ojangole underscored the importance of national development banks in financing agriculture, manufacturing, energy, education, and health, noting that over 80% of UDB's lending goes to productive sectors.
Board Chairman Geoffrey T. Kihuguru stressed that development banks are uniquely positioned to expand inclusion, support underdeveloped regions, and drive industrialization amidst global economic challenges.
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The summit was attended by Cabinet ministers, Members of Parliament, diplomats, civil society, and private sector representatives.
