Centenary Bank and NFA Join Forces to Revive Degraded Masindi Forest

In a significant step towards environmental restoration, Centenary Bank and the National Forestry Authority (NFA) today launched a joint initiative to rehabilitate 20 hectares (nearly 50 acres) of the Masindi Central Forest Reserve. The ambitious project was inaugurated in Nyangahya cell, Masindi Municipality, marking a commitment to combat deforestation and promote ecological sustainability in the region.

Centenary Bank is injecting 60 million Ugandan shillings (approximately $15,700 USD) into the three-year partnership. This financial support will directly contribute to the NFA’s efforts to plant at least 40,000 trees within the reserve in 2025 alone. The bank’s long-term vision is to play a crucial role in the full recovery of the ecologically vital Masindi Central Forest Reserve.

Fabian Kasi, the Managing Director of Centenary Bank, expressed his appreciation for the NFA’s role in pinpointing the restoration site. He emphasized that this collaboration aligns perfectly with the bank’s deep-rooted commitment to environmental conservation. Kasi proudly highlighted the bank’s previous environmental efforts, noting that they have already facilitated the planting of 70,000 trees across Uganda over the past two years.

“Today’s launch, in partnership with the National Forestry Authority, is a powerful demonstration of what genuine environmental stewardship can achieve when two dedicated organizations unite,” stated Mr. Kasi.

Echoing this sentiment, Stuart Maniraguha, the Acting Executive Director of the NFA, lauded Centenary Bank for their proactive stance against the pressing issue of deforestation. He underscored the significant impact of collaborative endeavors, revealing that joint efforts have successfully restored an impressive 25,000 hectares of forest land across Uganda in the last five years.

Mr. Maniraguha also emphasized the critical next phase of the initiative, stating, “Planting trees is a vital first step, but the true measure of our success will be in ensuring their survival and integration into the lives and livelihoods of the surrounding communities through dedicated protection and nurturing.”

The urgency of such initiatives is underscored by recent data from Global Forest Watch, which reported a loss of 37.6 thousand hectares of natural forest in Uganda during 2023. This partnership between Centenary Bank and the NFA offers a beacon of hope in the face of this environmental challenge.

This environmental commitment is further highlighted by Centenary Bank’s allocation of 2% of its previous year’s profits to Corporate Social Investment (CSI). This year, the bank has dedicated a substantial 5.8 billion Ugandan shillings to various CSI initiatives, with environmental conservation being a key priority.

The launch in Masindi signifies a tangible step towards mitigating the impacts of deforestation and fostering a greener, more sustainable future for Uganda. The partnership between a leading financial institution and the national forestry authority serves as an inspiring model for future collaborations aimed at safeguarding the country’s precious natural resources.