Uganda Development Bank (UDB) has commissioned a new 14-storey headquarters in Kampala, a move expected to save the country’s development finance institution about 1.76 billion Shillings annually in rent, utilities and maintenance costs.
The UDB Tower, located on Plot 22 Hannington Road, brings the Bank’s head-office operations under one roof as UDB expands its role in financing investments considered critical to Uganda’s economic transformation.
The commissioning was officiated by Finance Minister Henry Musasizi and the Minister of State for Privatization and Investment, Amina Mukalazi.
Musasizi said the new headquarters should strengthen UDB’s ability to mobilise and channel long-term capital into productive sectors of the economy.
“Uganda’s next phase of economic transformation requires strong institutions with the capacity to mobilise long-term capital and channel it towards productive investments in agro-industrialisation, tourism development, mineral-based industrialisation, and science, technology and innovation. “
UDB occupies a critical place in this national development architecture, connecting our development priorities with the capital and investment required to translate them into tangible economic opportunities for Ugandans,” Musasizi said.
He said stronger institutional capacity would enable UDB to support investments that expand Uganda’s productive base, create jobs, increase exports and raise household incomes.
Musasizi said the Government expects the Bank to use its capital, expertise and partnerships to attract more private and development finance into Uganda.“The UDB Tower is therefore more than an investment in physical infrastructure. It is an investment in the institutional capacity Uganda requires to deliver its long-term development ambitions,” he said.
UDB Board Chairman Geoffrey T. Kihuguru said the new headquarters should be viewed as part of the Bank’s long-term responsibility to support Uganda’s development.
“UDB Tower represents more than the growth of an institution. It represents our continued investment in Uganda’s capacity to finance its own development aspirations,” Kihuguru said.
He said the Bank needed the institutional strength, governance, talent and infrastructure to mobilise capital, support productive enterprises and finance investments of national significance. DB Managing Director Patricia Ojangole said the commissioning marked the completion of an important phase in the Bank’s institutional transformation.
The new headquarters is also equipped with technologies intended to improve energy efficiency, security, and management of the building.
It has a central Building Management System for monitoring and controlling key electrical and mechanical systems, as well as a 25-kilowatt solar power system to supplement electricity from the national grid.
The building also uses natural daylight and ventilation through extensive glazing and openable windows, while zoned air-conditioning and modern lighting controls are intended to reduce energy consumption.
UDB says the new headquarters will provide a modern and integrated working environment as the Bank expands its operations and development-finance mandate-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
