Standard Bank Group, Africa's largest bank by assets led by South African banker Sim Tshabalala, has signed a Memorandum of Understanding (MoU) with the African Union Peace Fund to assist the African Union (AU) in mobilising resources for peace across the continent.
Standard Bank will contribute $1 million (R18.27 million) over the next five years to support the AU Peace Fund. The MoU signing took place at the African Union Peace High Level Resource Mobilisation event on 20 July 2024 at the Kempinski Hotel Gold Coast City in Accra, Ghana.
Supporting peace and security initiativesThe African Union Peace Fund, established in June 1993, finances peace and security initiatives within the AU. It focuses on conflict prevention through mediation and diplomacy.
According to the African Development Bank (AfDB), 85 percent of Africa's 1.3 billion people live in countries experiencing conflict or in neighboring nations affected by post-conflict issues. Consequently, the AU has intensified efforts to advance peace through preventive measures.
