Standard Bank finances Africa peace efforts

by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – THE Standard Bank Group has signed a Memorandum of Understanding (MoU) with the African Union Peace Fund to help the African Union (AU) in its resource mobilization efforts for peace across the continent.

The MoU was signed during the African Union Peace Fund High Level Resource Mobilization event in Accra, Ghana.

The agreement will see Standard Bank Group make a total contribution of US$1 million over the next five years.

Yinka Sanni, Standard Bank Africa Regional Chief Executive, highlighted the significance of this partnership.

“Peace in Africa is paramount. It reduces country risk premiums, facilitates ease of doing business, and lowers the cost of capital,” he said.

“A stable business environment inspires market confidence, safeguards assets and investments from conflict-related risks, and enables businesses to expand their market reach and explore new growth prospects,” Sanni said.

The African Development Bank (AfDB) estimates that 85 percent of the 1,3 billion Africans live in countries facing conflict or in neighbouring nations affected by post-conflict situations.

As a result, the AU has intensified its efforts to promote peace through preventive actions.

Felicity Sampong, Head of Risk of Stanbic Bank Ghana, said, “By aligning our goals with the objectives of the AU Peace Fund, we demonstrate our dedication to making a positive impact on the continent.”

– CAJ News