On November 28, 2025, a trilateral memorandum was signed at the Central Bank of Armenia between the Central Bank, the Union of Banks of Armenia, and the NGO My Forest Armenia. This partnership will establish 100 hectares of new forest over three years on lands in Lernajur, Pambak community, Lori Province, with 300,000 trees of local forest species.

The afforestation will be carried out on community land to create sustainable, biodiversity-rich forests. Once the community land-use period ends, the forest ecosystem will become community property. My Forest Armenia will provide ongoing care, including replacing any dried trees to ensure the forest’s long-term preservation.

Martin Galstyan, Governor of the Central Bank of Armenia, highlighted the environmental importance: “This initiative is more than just tree planting; it is a response to urgent environmental challenges such as air pollution, forest fires, soil erosion, and desertification.”

Daniel Azatyan, President of the Union of Banks of Armenia, emphasized the CSR impact: “This program, valued at over 250 million drams, unites the Central Bank and all commercial banks to support a greener, more sustainable future for Armenia.”

Andre Gumuchdjian, founder of My Forest Armenia, added: “We are particularly happy that the central bank and all commercial banks - a key economic and financial actor - by having a long term vision are showing leadership and sending a powerful signal to other sectors of the economy that we all must preserve nature and forests for the long-term well being of Armenia and indeed the world.”

This project is a continuation of the 2023 initiative where all Armenian banks, alongside the Central Bank, planted 50 hectares of forest near Urasar and Jrashen.