KAMPALA, Uganda — Uganda Development Bank (UDB) is working to bridge the gender gap in economic empowerment, recognizing the critical role women play in driving economic growth.
According to Patricia Ojangole, Managing Director of UDB, women dominate the agricultural sector, accounting for 77% of the labor force, yet they face significant barriers to economic independence.
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“Women’s economic empowerment is not only the right thing to do, but also a sure way to unlock the potential that lies in Uganda’s critical sectors of the economy,” Ojangole said.
Ojangole noted that the latest census figures indicate that out of Uganda’s total population of 45.9 million, 24.3 million are female, representing 53%. However, despite this demographic advantage, women face significant challenges in accessing land and credit.
“Land is a critical resource in unlocking access to finance as it acts as security for credit provided by both formal financial institutions,” Ojangole said.
To address this, UDB has launched targeted interventions, including the Women Prosper Loans, which provide financing for women-owned businesses, and the SME Kazi Loans, which offer loans to small and medium-sized enterprises (SMEs) owned by women.
“A country that expands women’s economic opportunities and their ability to make decisions about these opportunities, is better positioned to achieve better education and health outcomes for its children,” Ojangole said.
In 2023, UDB supported projects that created and maintained 51,841 jobs, with 27% of those jobs going to women. Additionally, 39% of women were among shareholders of UDB-supported projects.
UDB has also partnered with organizations such as the Uganda Women Entrepreneurs’ Association Limited (UWEAL) and Chemonics-SIA to provide business advisory services and funding to women and SMEs.
Through these initiatives, UDB aims to empower women to become drivers of economic growth and reduce poverty in Uganda.
“Tapping into women’s potential is essential if the country is to realize a more inclusive and sustainable growth that is not just metric but encompasses human development,” added Ojangole.
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