Centenary Bank has singed partnership with the National Forestry Authority (NFA) for the restoration of the degraded part of Masindi Central Forest Reserve (CFR) in Masindi district.
To this, the bank has committed shs60 million as a way to accelerate its reforestation efforts across the country to achieve its tree planting target of at least 40,000 trees in 2025.
This partnership will run for three years with the aim of maintaining and growing the trees to at least the age of three when they are expected to be able to survive on their own in the field.
Speaking at the launch, Fabian Kasi, Managing Director, Centenary Bank, emphasized the need for environmental conservation as a tool to support the well-being of Ugandans as environmental and green spaces underpin the provision of ecosystem services.
“In Uganda and beyond, deforestation has led to soil erosion, reduced rainfall, and increased vulnerability to extreme weather events like floods and prolonged droughts. These environmental shocks directly affect food security, public health, and the economy, especially for rural communities that are reliant on nature for survival,” Kasi said.
“This partnership launch between Centenary Bank and NFA is a shared commitment to environmental stewardship, a value that we hold so dear to us in the quest to build the resilience of communities to remain productive and competitive in the markets where we operate.”
Stuart Maniraguha, the acting Executive Director of National Forestry Authority, hailed the bank’s efforts to curb deforestation proactively and drive the country’s ESG agenda.
“National Forestry Authority recognizes that sustainable forest restoration requires collaborative effort. We value this partnership Centenary Bank that align with our mandate to restore degraded Central Forest Reserves and enhance ecosystem services. By working together, we can achieve long-term forest resilience, biodiversity conservation, and climate change mitigation for the benefit of present and future generations,” he said.
According to Uganda’s Third National Voluntary Review (VNR) Report of 2024, while the country has made some progress in increasing forest cover from 9.5% in 2015 to 13.3%, there is still much work to be done to achieve the target of 15% forest cover by 2026.
This recovery is fragile, and continued deforestation could quickly reverse the gains made, leading to severe
consequences for Uganda’s people and environment hence the need for interventions to curb the effects.
Centenary Bank’s environmental journey is already making a visible impact. Over the past two years, the bank has planted more than 70,000 trees nationwide, and its efforts extend beyond reforestation.
Transitioning 11 of its branches to renewable solar energy to reduce dependency on non-renewable power sources, introducing Water, Sanitation, and Health (WASH) Loans to finance community-level projects, among others.
The initiative aligns with global climate action priorities and underscores Centenary Bank’s role as a leader in sustainable finance and responsible corporate citizenship in Uganda.
