24 July 2024: Standard Bank Group – Africa’s largest bank by assets and with operations in 20 markets on the continent, 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 held on July 20, 2024, at the Kempinski Hotel Gold Coast City in Accra, Ghana.
The agreement will see Standard Bank Group make a total contribution of USD 1 million over the next 5 years.
The African Development Bank (AfDB) estimates that 85% of the 1.3 billion Africans live in countries facing conflict or in neighboring nations affected by post-conflict situations. As a result, the African Union (AU) has intensified its efforts to promote peace through preventive actions.
Yinka Sanni, Standard Bank Africa Regions Chief Executive, highlighted the significance of this partnership. He said: “Peace in Africa is paramount – it reduces country risk premiums, facilitates ease of doing business, and lowers the cost of capital. 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. Anticipated reductions in trade barriers through the AfCFTA will allow companies to access previously untapped markets with a lower likelihood of supply chain disruptions.”
