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President Museveni Meets UDB Leadership to Discuss Enhanced Capitalisation.

posted 24 Nov 2016, 03:06 by David Tamale   [ updated 24 Nov 2016, 06:07 ]

President Yoweri Museveni met with a delegation of Uganda Development Bank Limited to discuss critical issues around the Bank's funding and to deliberate on various issues aimed at making the Bank more effective in executing its mandate in the country.

The courtesy call meeting held on June 9th, 2016 at State House in Entebbe with His Excellency the President sought his support for enhanced capitalization of the Bank to enhance UDB's contribution to the development of Uganda.

UDBL Chairman Dr. Samuel Sejjaaka made a brief presentation of UDB, its mission and current status as well as the challenges faced. The chairman thanked the President and Government for the support accorded to the Bank so far. Dr. Sejjaaka outlined plans to take the Bank to the next level, so it can play a bigger role, thus necessitating the need for enhanced capitalization.

The president was very receptive.

He inquired about the key priority areas and the funding needs. He then led consultations with a team from Ministry of Finance, Planning & Economic Development (MFPED) and Bank of Uganda (BOU) as to how best UDBL could be assisted.

All parties were in agreement that it was urgent to increase government funding to UDBL and the president in particular was very supportive. Some tentative figures were mentioned but it was left to the Permanent Secretary & Secretary to Treasury (PSST) to review the budgetary status and implications and revert to the president with advice on the best way forward.

The meeting was attended by: the following officials from UDB:
  • Dr. Samuel Sejjaaka - Chairman
  • Dr. Stephen Isabaliija – Director
  • Mr. Charles Victor Byaruhanga - Director
  • Mr. Henry Balwanyi Magino - Director
  • Mr. Nimrod Waniala – Director
  • Mrs Patricia Ojangole – CEO
  • Mr. Ladislao Ategeka – DDF 
Bank of Uganda:
  • Dr. Louis Kasekenda – Deputy Governor
Ministry of Finance and Economic Planning:
  • Mr. Keith Muhakanizi – PSST