President Museveni Opens Development Finance Summit, Calls for Affordable Credit to Transform Uganda’s Economy
KAMPALA, UGANDA – President Yoweri Museveni, accompanied by the First Lady Maama Janet Museveni, officially opened the Uganda Development Finance Summit 2025 on Tuesday at the Munyonyo Commonwealth Resort.
In his keynote address, the President delivered a powerful message on the economic principles required to transform Africa, emphasizing the critical need for “vision, integrity, and patient capital” to drive meaningful development.
President Museveni underscored the essential role of Development Finance Institutions (DFIs) in building impactful infrastructure projects and integrating millions of ordinary Ugandans into the formal economy. He stressed that national development is built on a foundation of “saving and capital accumulation,” requiring a measure of sacrifice.
However, the President issued a stark criticism of the current commercial banking sector, which he accused of “hindering progress.” He highlighted the glaring disparity between high commercial lending rates, which he stated are around 22%, and the country’s inflation rate, which is below 5%.
“This limits us to quick trade on non-essential goods,” President Museveni stated, arguing that such exorbitant interest rates make it impossible for entrepreneurs and farmers to secure affordable loans for long-term, productive projects that fuel real economic growth.
Pointing to the solution, the President championed the role of a government-backed institution focused on development rather than profit. “This is where the Uganda Development Bank comes in,” he declared.
He outlined the bank’s mission to provide stable, affordable credit specifically targeted at productive sectors like agriculture, manufacturing, and industrialization. By offering this patient capital, the Uganda Development Bank is positioned as a key vehicle for ensuring the country’s future prosperity and achieving the economic transformation outlined at the summit.
