The MoU was signed during the African Union Peace Fund High Level Resource Mobilisation 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.
The Standard Bank Group is committed to promoting sustainable development and improving the quality of life throughout Africa. Our purpose Africa is our home, we drive her growth, underscores our commitment to fostering a stable and prosperous continent where economic growth is firmly rooted in peace and security, he added.
