The main objective of UDBL is to promote and finance development in various sectors of the economy with particular emphasis on agriculture, industry, tourism, housing, and commerce.

[3] In June 2018, the government negotiated for a $20 million (USh 76 billion) loan from the African Development Bank to capitalize UDBL, primarily to lend to the agricultural sector for mechanization and value addition.

[6] With these funds, UDBL's focus shifted to financing medium and long-term projects in agriculture,[7] manufacturing, and tourism.

[2] Between 1997 and 2001, the bank was restructured, recapitalized, and re-organized as a limited liability company, wholly owned by the government of Uganda.

[8] As of September 2013[update], the bank had re-organized and repositioned itself to play a larger and more visible role in Uganda's development finance.

[11] In March 2024, management revealed plans to establish five regional offices to take services closer to the bank's clients.

[16] In May 2024, UDBL was named "The Regional Bank of The Year - East Africa" at the 18th African Bankers Awards, at a ceremony in Nairobi, Kenya.