Commodities

Bank allocates Shs450m for tree planting

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By Ephraim Kasozi

Posted  Thursday, May 27   2010 at  00:00
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Manafwa

Over Shs450 million has been earmarked by Standard Chartered Bank Uganda for a tree planting scheme in four different regions of the country. Mr Lamin Manjang, the bank’s managing director, said in Manafwa during thelaunch of the project recently that the investment is in line with the bank’s main pillars of creating access to financial services through initiating income generating projects.

Making a difference
He said “Although our operational impact is less severe than many other businesses, we can still make a difference by doing our bit to protect the environment.” The project that will run for three years will help to contribute to the country’s sustainable environment development. The bank in partnership with Environment Conservation Trust of Uganda (Ecotrust) launched the project to emphasise the need to preserve and conserve the environment.

Mitigate degradation
According to Mr Manjang the bank hopes the tree planting initiative will contribute to the conservation and preservation of the country’s environment and consequently mitigate land degradation associated with calamities. He said the bank committed to do whatever it can afford to safeguard the communities around which it works. Ms Pauline Kalunda, the Ecotrust executive director said the bank’s investment is a practical way to support nature that forms a source of income for the local people.