Agriculture Business Initiative (aBi) Financing Limited has issued an impassioned plea to financial institutions operating in the West Nile region of Uganda to embrace the mantle of environmental stewardship, and pave the way for green financing initiatives.
While addressing Bankers during a Financial Institutions Training workshop on transition to green financing in Uganda in Arua Municipality on August 1st, Moses Bwire, the Investment Manager of Green Growth and Business Development Services at aBi emphasized the increasing significance of climate change risks.
He highlighted the importance of financial institutions supporting climate change adaptation investments for their clients.
Bwire added that they have provided nearly 30 billion Shillings in credit to financial institutions since last year, to aid environmentally friendly businesses and projects.
While talking at the same event, Bob Alinda, a trainer at the Uganda Institute of Banking and Financial Services said he believes that such senstizations will contribute to environment conservation.
“If we have people who are doing projects intentionally to help us make sure that we conserve environment in the long run, that is how we can sustain this (environment protection programs) and avert the possible catastrophes,” Bob explained.
Stonewilly Arinyihayo, the head of the loans department at Nile Microfinance Limited in Arua, said that the successful implementation of the green financing initiative will expand their market.
Irene Achan Padwar, a personal banker working at Post Bank Uganda Limited’s Pakwach branch, was optimistic about the potential impact of green financing on agribusiness and smallholder farmers in the region. She believes that it will enable a shift from subsistence to commercial agriculture.
In 2022, aBi-finance introduced a green finance fund worth 124 billion Shillings in Uganda. The fund is aimed at supporting environmentally friendly businesses and projects and is available to banks, financial institutions, and SACCOS.
A report by the Food and Agriculture Organization (FAO) of the United Nations reveals that approximately 14% of woody biomass was lost within 5 kilometers of the refugee settlement boundaries, with additional loss and degradation observed in an extended 15 kilometers buffer in West Nile between 2014 and 2018.
The impact of aBi’s call to action reverberates far beyond the borders of West Nile, serving as a blueprint for financial institutions across the globe to emulate.
In an era where environmental degradation is no longer a looming specter but an irrefutable reality, the imperative for action is acute. aBi’s visionary appeal stands as a beacon of hope, illuminating the path towards a future where financial decisions are inextricably interwoven with environmental consciousness.
As the world grapples with unprecedented challenges, it is the steadfast resolve of institutions like aBi and the collective commitment of financial entities in West Nile that bear the promise of ushering in a sustainable and harmonious coexistence between economic progress and environmental preservation.
As the echoes of aBi’s call resound through the region, there lies an unparalleled opportunity to redefine the very contours of finance, shaping a tomorrow that is abundant in prosperity and flourishing ecosystems, hand in hand.
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