By Ronald Ssemagonja
The Minister of Science, Technology and Innovation, Hon. Monica Musenero, has urged innovators to seize the opportunities provided by Uganda Development Bank (UDB) to realise their dreams. She made these remarks during the launch of the Reshaping Industries for a Sustainable Economy (RISE) programme at Serena Hotel, Kampala.
“This programme provides an opportunity for businesspeople and young innovators to fulfil their dreams. I am delighted because those who have submitted their proposals now have a chance to secure funding,” she said.
Reflecting on industrial revolutions, the minister noted that early adoption of emerging technologies is crucial for sparking economic growth. “Our National Development Plan IV aims to achieve a qualitative leap in transforming our economy through science and innovation, targeting 16% annual growth by 2040. Economists call it wishful thinking, but it’s a calculated strategy. After today’s keynote, I am convinced it is possible.
“We can no longer settle for 5% growth. Young industries are eager to emerge, but banks struggle to understand them. Science is magic backed by evidence—look at it, even if it challenges what you believe. As minister, I am fully committed to this transformation, relentlessly advocating for change. Regulators must adapt, or banks will hesitate to finance innovation under outdated policies,” she emphasised.
Meanwhile, the Managing Director of UDB, Patricia Ojangole, revealed that under the programme, the bank will deploy its loans, advances, and investment portfolio by leveraging science and technology. This will revolutionise business models, drive innovation in the economy, and foster both corporate and start-up entrepreneurship to accelerate socio-economic transformation in an environmentally and climate-friendly manner.
“Creating a more sustainable future requires a collective effort from all stakeholders, with financing serving as a key lever to drive sustainable outcomes. RISE presents a unique opportunity for UDB and other stakeholders to incentivise this transition by committing to lend to, invest in, and insure businesses that effectively manage their environmental risks and impacts,” she noted.
Additionally, the Chief Executive Officer and Chairman of the International Council of Sustainability Standards for Value-Driven Financial Institutions, Mr Arshad Rab, stated that while there is broad consensus on the need for sustainable development, nations must take deliberate steps to turn these aspirations into reality. “The private sector will play a crucial role in redefining business practices, supporting the transition from exploiting nature to restoring it,” he said.
The Reshaping Industries for a Sustainable Economy (RISE) Programme offers a groundbreaking solution to tackle modern-day challenges, diversify the economy, and establish high-tech, high-value-added, high-income, and truly green businesses and projects. It focuses on developing a sustainable local industrial base through collective efforts. The programme is dedicated to creating and funding transformative businesses and projects that have the potential to change the world.
Source: Tiger FM