In a bold move to reshape Uganda’s financial landscape, the Uganda Development Bank (UDB) has launched the Reshaping Industries for a Sustainable Economy (RISE) initiative.
This groundbreaking platform aims to drive sustainable finance, foster innovation, and support Uganda’s Vision 2040 strategy for long-term economic transformation.
What is the RISE Initiative?
RISE is a transformative approach to financing that shifts from the traditional “demand capture” model to a proactive strategy.
Instead of waiting for businesses to seek funding, RISE brings together financial institutions to generate demand for sustainable finance by turning societal, economic, and environmental challenges into business opportunities.
Patricia Ojangole, UDB Managing Director, explained: “RISE will serve as a financing pool for critical industries like technology, energy, agriculture, and finance. It’s about fostering innovation, resilience, and long-term impact.”
UDB is the first development finance institution in Africa to adopt such an initiative, positioning Uganda as a leader in sustainable banking.
Why This Matters
Uganda’s economy is at a crossroads. While traditional industries have driven growth, the need for a knowledge and technology-driven industrial base is more urgent than ever.
Arshad Rab, CEO of the International Sustainability Council, emphasized this shift: “We must transition from a low-skilled economy to one fueled by knowledge, talent, and skilled development. RISE offers a platform for breakthrough ideas that address socioeconomic, environmental, and climate challenges.”
Key Features of RISE
1. Sustainability Certification Framework Enables banks to identify and invest in high-value projects aligned with climate resilience, social impact, and economic transformation.
2. Focus on Emerging Sectors: Supports startups and industries in artificial intelligence, clean energy, biotechnology, and more.
3. Collaborative Approach: Brings together financial institutions, policymakers, and innovators to create a sustainable future.
A Call for High-Tech Investment
Monica Musenero, Minister for Science, Technology, and Innovation, praised RISE as a catalyst for Uganda’s transition to an innovation-led economy.
“For too long, we’ve relied on outdated models. RISE challenges us to fund high-tech industries and support startups that drive global competitiveness,” she said.
Musenero also called for a shift in mindset: “Innovators shouldn’t be relegated to ‘social responsibility’ crumbs. They deserve mainstream funding to unlock Uganda’s limitless potential.”
UDB’s Track Record
Stephen Hamya, UDB’s Chief Internal Auditor, highlighted the bank’s past successes, including the Climate Facility and Electricity Connection Programme, as evidence of its commitment to social and economic transformation.
“RISE is not just about banking; it’s about shaping Uganda’s future. Sustainable financing will transform industries, create jobs, and improve the quality of life for Ugandans,” he said.
The launch of RISE marks a turning point in Uganda’s financial sector.
By prioritizing sustainability, innovation, and inclusivity, the initiative is set to redefine banking and accelerate Uganda’s journey toward a high-income economy.
For businesses, startups, and financial institutions, RISE offers a unique opportunity to drive meaningful change and secure a sustainable future.
