The Minister of Finance, Matia Kasaija has hailed the Uganda Development Bank for a crucial role it plays in financing the country’s development and becoming the first sustainability certified financial institution in the country.
Kasaija made the remarks during the first World Development Finance Forum 2020 (WDFF) held together with Finance Ministry and the European Organization for Sustainable Development (EOSD) hosted in Kampala with virtual attendance from members worldwide.
At the forum, Uganda Development Bank Limited together with three other Development Finance Institutions across the globe, was awarded sustainability certification under the Sustainability Standards Certification Initiative (SSCI) in recognition to its commitment to engendering sustainability in its strategy and throughout its operations.
“Our goal has been to make UDBL highly effective and one of the most professional institutions, not only in Uganda, but in the world so it can serve the people of this country with highest degree of integrity and professionalism. It is an important moment for the bank and for the country,”Kasaija said.
He noted that UBD achieved level five which marks the highest level of compliance making the bank a truly sustainable financial institution ready to become a leader in financing the national development agenda and implementation of the global Sustainable Development Goals in Uganda.
“The bank has undergone a rigorous process over the past 18 months to fulfill the sustainability certification criteria, which includes building sustainable governance and management structures and establishing a culture of innovation which is indispensable for the bank,” he said.
The minister noted that UDB can play a key role in transforming Ugandan economy, making it competitive in the international markets and creating decent economic opportunities for the people while preserving the environment.
The Bank of Uganda Governor, Emmanuel Tumusiime applauded the bank officials led by the Managing Director UDBL Patricia Ojangole upon the achievement.
“You have done an extraordinary job and made us proud by creating Uganda’s first Sustainability-Certified Financial Institution.”
According to Ojangole, the bank’s official purpose of its existence is to improve the quality of
life of Ugandans.
“This is why we are here; this is our purpose, and we will do our best to achieve this mission. Today is the day to celebrate our success of becoming sustainability certified, but from tomorrow we will be back to work with more motivation and encouragement and work tirelessly to deliver on our promise,”Ojangole said.
About SSCI certification
Sustainability Standards Certification Initiative (SSCI) is a global initiative for developing and maintaining the first truly holistic, universally accepted, and an executable set of across-the-board sustainability standards.
SSCI is dedicated to value-driven financial institutions that wish to make lasting positive impacts on the societies and natural environments in which they operate.
The SSCI certification is a voluntary process by which applicants are assessed against wide- ranging requirements of sustainability standards.