Uganda to Host African Development Finance Institutions for Sustainable Development Summit

by Trevor Lutalo
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In a momentous stride towards sustainable finance in Africa, the top leaders of Development Finance Institutions (DFIs) across the continent are set to convene in Uganda from the 23rd to 24th of January 2024. 

The benchmarking visit, organised by the African Association of Development Finance Institutions (AADFI) in collaboration with the European Organisation for Sustainable Development, will be hosted by the Uganda Development Bank (UDB).

The primary focus of the summit is to share insights on embracing rigorous Sustainability Standards to achieve world-class corporate governance, foster social and economic impact, address environmental concerns, and combat climate change.

Cyril Okoye, Secretary General of AADFI, highlighted the two-day executive visit as an opportunity for Uganda to showcase its commitment to the global sustainable development agenda.

“UDB will showcase how it is complying with the Sustainability Standards latest version to ensure it plays a game-changing role in revolutionizing the agriculture sector, industrializing Uganda, and boosting the services sector,” he stated.

UDB, recognized as a leader in sustainable banking, will share its experiences in implementing Sustainability Standards, emphasizing its progress in adopting the more rigorous Sustainability Standards Version 2.0.

Patricia Ojangole, the Managing Director of UDB, outlined the key topics for discussion during the summit, including governance and management, digitalization, products, human capital, stakeholder engagement, risk, and climate change.

UDB has been a pivotal player in sustainable banking for the past few years, earning global recognition and prestigious awards. The bank, along with its Managing Director, has received the Sustainability Leader of the Year award at the Karlsruhe Sustainability Awards in Germany for three consecutive years.

However, UDB sees its current role as just the beginning and is actively working towards complying with the world’s most comprehensive Sustainability Standards Version 2.0. The bank aims to be a driving force in fast-tracking Uganda’s journey towards becoming a fully developed, industrialized, and climate-friendly nation.

The implementation of the Sustainability Standards and Certification Initiative (SSCI) in 2018 marked a turning point for UDB. The bank received the SSCI Level 5 Certification in July 2020, the highest level of certification, after demonstrating compliance with the standards.

Since then, UDB has experienced numerous benefits, including setting a new strategic direction aligned with Uganda’s national development priorities and the Sustainable Development Goals (SDGs).

As the summit approaches, the international financial community eagerly anticipates the insights and best practices that will emerge, propelling sustainable development initiatives across the African continent.

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