Joshua M. A. Kabugo is a Country Strategy and Investment Specialist at the United Nations Capital Development Fund (UNCDF), based in Kampala, Uganda.

Joshua began his career in banking with Standard Chartered Bank and Bank of Africa, Uganda, focusing on SME relationship management, credit analysis, and portfolio growth. In 2013, he transitioned into impact investing as Director of Operations at Embark Energy, where he led the development of digital tools to support SMEs in becoming investment-ready. He later joined Mirova SunFunder, contributing to the growth of a USD 50 million loan portfolio with a Portfolio-at-Risk below 3%, supporting capital-raising efforts, and managing a team of investment professionals across more than 13 emerging markets.

Since joining UNCDF in 2017, Joshua has originated, structured, and managed over 50 investment transactions, overseeing the full investment cycle, from origination and due diligence to approval, structuring, and post-investment monitoring. His work spans multiple sectors, including renewable energy, agriculture, digital finance, and SME finance, and covers diverse geographies across Africa. He has designed and implemented context-specific blended finance solutions that expand access to capital in underserved markets, while also playing a pivotal role in refining UNCDF’s investment tools and processes to enhance operational efficiency and strategic positioning.

At the country level, Joshua provides strategic direction for UNCDF’s investment activities, structuring innovative blended finance instruments, driving business development, and forging partnerships with governments, investors, development partners, and the private sector. He plays a key role in aligning country strategies with UNCDF’s investment priorities and mobilizing resources to catalyze capital for development impact.

A Ugandan national, Joshua brings over 17 years of experience spanning banking, impact investing, and development finance, coupled with a proven track record in multi-sector and multi-country investment operations. He holds an MBA in Financial Management and Accounting and a BA in Social Sciences from Makerere University Kampala, as well as professional certifications in credit and risk management.