Speke Resort Munyonyo successfully hosted the inaugural Uganda Development Finance Summit 2025. The two-day event, convened by the Uganda Development Bank (UDB), set the stage for dynamic discussions, networking, and innovative solutions to Africa’s pressing economic challenges.

The summit was officially opened by President Museveni who was accompanied by the First Lady, Janet.

The event brought together African and international finance stakeholders, in both plenary and parallel sessions, as they discussed challenges to Africa’s finance, including debt burdens and domestic resource mobilization, while sharing proven, actionable strategies from national development banks.

In his keynote address- President Museveni underscored the importance of vision, integrity, and patient capital for Africa’s growth, highlighting the crucial role of development finance institutions in driving sustainable progress.

“We must prioritise vision, integrity, and patient capital to transform Africa,” said Museveni. “Development finance institutions are essential for balancing impactful infrastructure and integrating millions of Ugandans into the economy. We need a government institution like the Uganda Development Bank, which focuses on development rather than profit.”

The President also called highlighted the challenge posed by commercial banks, citing high interest rates of 22%, despite inflation being below 5 percent. He proposed the need for a shift towards more development-oriented financial institutions to drive long-term prosperity.

In his opening remarks, UDB Board Chair- Geoffrey Kihuguru, said the summit was not just a meeting of leaders, but a demonstration of the central role development finance plays in Africa’s transformation journey.

“Development banks have provided long-term affordable capital, yet their true role goes beyond finance. They are thought leaders and catalysts of social economic transformation, creating spaces such as this summit, to bring together governments, private sector, and civil society,” he said.

UDB Managing Director Patricia Ojangole also called for bold reforms in development finance.

“The summit is not just a meeting of minds. It is a call to action,” she said. “Our continent is rich yet challenged by global shifts. We must build resilient, inclusive, and locally anchored financial systems. At the heart of this transformation lies the role of national development banks.”

In her remarks, Monica Musenero, the Science, Technology, and Innovation Minister, emphasised the transformative power of technology.

“All nations have three vital resources: Natural resources, human capital, and technology. It is the technology that will amplify value,” Musenero said., adding; “We must ensure that technology is at the core of Africa’s development agenda.”

The summit also featured insightful perspectives from renowned international experts, such as Prof. Jeffrey Sachs of Columbia University, as well as Prof. David Luke, a leading trade economist from the London School of Economics [LSE].

Sachs made a call for Africa to borrow more from abroad, but with a longer-term focus, citing the region’s limited access to credit and the impact of short-term loans on economic growth.

“Africa’s debts are not too high; they only appear so relative to low GDP levels,” Sachs remarked. “The focus must be on rapid growth and the investments needed to achieve it, without letting debt distress narratives derail long-term thinking.”

Prof. Luke on the other hand, delivered a keynote address on the importance of intra-African trade. He highlighted the impressive 12.4% increase in intra-African trade, as reported by Afreximbank, emphasising that trade flows are a cornerstone of Africa’s development.

The summit’s parallel session on Economic Transformation in a Technologically Driven World was moderated by Collin Babirukamu, Executive Director of IT at the Bank of Uganda. The session brought together Musenero, Arshad Rab, CEO of the European Organisation for Sustainable Development, and Edem Adzogenu- Executive at Afrochampions, to discuss the future of Africa’s tech ecosystem.

“Technology is set to transform every industry, but Africa risks being left behind if we don’t act now,” said Rab. “We must optimise limited financial resources to close the gap and align government priorities with the needs of the tech sector.”

Didas Kayiranga, Resident Underwriter at ATIDI, discussed the role of capital markets in unlocking potential for SMEs and entrepreneurs. He shared success stories of regional trade initiatives, including the customs transit scheme that is simplifying cross-border trade and reducing transportation costs in East Africa.

“We have removed the tedious process of buying a bond at every border, streamlining trade between countries like Kenya and Burundi,” Kayiranga explained.