Sophie Nakandi, the Company Secretary and Head legal, UDB
The Uganda Development Bank Ltd (UDBL), the country’s national Development Finance Institution in partnership with Uganda Women Entrepreneurs Association Ltd (UWEAL) has today held its inaugural Annual Women entrepreneurs conference.
Held at Africana Hotel in Kampala, the conference aims to the bridge information gap, a key barrier faced by women in accessing affordable finance and the participation the participation of women in the country’s development agenda.
Running under the theme; Accelerating women’s Economic Equality through financial and Non-financial Inclusion Opportunities for Ugandan Women, the conference brings together 200 registered women enterprises from all 14 UWEAL clusters in the country as they shared experiences and explore opportunities.
Sophie Nakandi, the Company Secretary and Head legal in her remarks noted that the Bank remains resolute about delivering its mandate of accelerating Socio- economic development in Uganda. “We are deliberate about addressing the constraints to the country’s sustainable development. To do this, we continue to design appropriate interventions and solutions that address the needs of the underserved segments in our society, thereby facilitating financial inclusion and economic equality.”
“Cognisant of the systemic challenges women in business face, including inadequate access to affordable-patient capital and business development services, the Bank established a specialized proposition, dubbed the UDB Special Programs, to address the specific financing needs of youth, SMEs and Women,” she added.
Launched in December 2021, UDB’s intervention for Women continues to grow enterprise assets and revenue, create employment, and redistribute wealth across all the sub-regions of Uganda.
“Under the women financing segment, (Women Prosper loans) the bank has in the last two years supported 72 enterprises in over 40 districts and approved 75 billion worth in loans,” Ms. Nakandi further explained.
Addressing the delegates, State Minister of Finance for Investment and Privatization Hon. Minster Evelyn Anite applauded UDB and UWEAL for this inaugural conference as it symbolizes efforts to address these structural barriers, “The government’s commitment as outlined in Vision 2040 and National Development Plan III, underscores gender equality as a cross-cutting enabler for socio-economic transformation.”
She added, “In an economy where women account for about 77% of the agricultural labor force, the sector that accounts for 24% of the GDP, and about 40% of Uganda’s export earnings, we stay committed to ensuring that such opportunities reach every woman across Uganda.”
The Board chairperson UWEAL, Sarah Kitakule hailed UDB for offering tailor-made financial solution aimed at providing low-cost and patient capital for Women entrepreneurs and facilitating Women owned businesses.
“Our partnership with Uganda Development Bank further increases our footprint and impact in the country. Through Business development service, Women Entrepreneurs develop the knowledge and skills necessary to grow and sustain their businesses.” She said.
Delivering her keynote speech, Prof. Dr Maggie Kigozi reiterated the power of building synergies in business, for women to achieve economic equality, further noting that in such gatherings, women should learn from each other and build networks to propel their businesses.
