Standard Bank Group, Africa’s largest bank by assets, 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.
The agreement will see Standard Bank contributing a total of $1 million (about R18.27 million) over the next five years. The MoU was signed at the African Union Peace High Level Resource Mobilisation event on 20 July 2024 at the Kempinski Hotel Gold Coast City in Accra, Ghana.
Established in June 1993, the African Union Peace Fund is a key instrument for financing peace and security initiatives within the AU. Its focus is on conflict prevention through mediation and diplomacy.
The African Development Bank (AfDB) estimates that 85% of Africa’s 1.3 billion people reside in countries experiencing conflict or neighbouring nations affected by post-conflict issues. Consequently, the AU has heightened its efforts to advance peace through preventive measures.
In its efforts to reduce dependency and regain control over its peace and security agenda, the African Union has made significant strides in revitalising the AU Peace Fund. Standard Bank noted that progress is evident from the increased contributions from member states and improved governance and management of the fund.
The primary objective of the endowment is to enable the AU to fully finance mediation and preventive diplomacy, bolster institutional readiness and capacity, maintain a crisis reserve, and cover 25% of its peace operations budget.
“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,” said Yinka Sanni, Standard Bank Africa Regions chief executive.
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