UDB helps cover costs for undergraduates on European internship

November 8, 2018 in Companies, Finance, Investment, Policy, Technology & Telecoms by Editor

Mwesigwa (left) flags off the duo who will be away for three months in Germany.

November 8, 2018—Uganda Development Bank Limited (UDBL) has joined forces with an institutional European partner to enrich the learning experiences of two young undergraduates who will spend time at the prestigious Fraunhofer-Institut für Chemische Technologie in Karlsruhe, Germany.

Dalton Bakisuula and Martin Mugisha, who are undergraduates in Applied Electro-Chemistry at Kyambogo University and Makerere University respectively, have been awarded fully-funded three-month internships.

These scholarships are part of a larger agreement between UDBL and the European Organization for Sustainable Development (EOSD). The EOSD is involved in cooperation in various areas, including enhancing local capacity for a smart and sustainable economy and supporting innovation and technology transfer within the European Union and around the world.

During the official send-off, Joshua Allan Mwesigwa, the UDBL Director of Strategy & Corporate Affairs said, “I want to urge you both to use this very rare opportunity to learn as much as you can. Remember that while you are in Germany, you are ambassadors of Uganda and of Uganda Development Bank. Do ensure you live up to these expectations and let your conduct and behavior lift Uganda high.”

UDBL, which is wholly owned by the Uganda government, committed over 6000 euros (about UGX28 million), to pay for return air tickets. There is also a monthly stipend of 735 euros each for the entire duration of their residency in Karlsruhe. The training costs are being handled by the Institute which is has gained an expertise in providing instruction and research in energy systems.

UDBL has been in existence since 1972 and not longer re-positioned itself as a key partner to the government in delivering its National Development Plan (NDP). In order to deliver this aspiration, UDBL focuses on the key growth sectors of the economy by financing development projects at attractive terms.

Officials at UDBL say the scheme is a worthwhile investment for fostering innovation and supporting promising young Ugandans to benefit from the much-needed exposure. The bank hopes the students will return to Uganda with transformative ideas and with new ways of doing things.