Normal Financial institution Group – Africa’s largest financial institution by property and with operations in 20 markets on the continent, signed a Memorandum of Understanding (MoU) with the African Union Peace Fund to assist the African Union (AU) in its useful resource mobilization efforts for peace throughout the continent. The MoU was signed in the course of the African Union Peace Fund Excessive Stage Useful resource Mobilization occasion held on July 20, 2024, on the Kempinski Resort Gold Coast Metropolis in Accra, Ghana.
The settlement will see Normal Financial institution Group make a complete contribution of USD 1 million over the subsequent 5 years.
The African Growth Financial institution (AfDB) estimates that 85% of the 1.3 billion Africans stay in international locations going through battle or in neighboring nations affected by post-conflict conditions. In consequence, the African Union (AU) has intensified its efforts to advertise peace via preventive actions.
Yinka Sanni, Normal Financial institution Africa Areas Chief Govt, highlighted the importance of this partnership. He stated: “Peace in Africa is paramount – it reduces nation threat premiums, facilitates ease of doing enterprise, and lowers the price of capital. A secure enterprise setting evokes market confidence, safeguards property and investments from conflict-related dangers, and allows companies to develop their market attain and discover new development prospects. Anticipated reductions in commerce boundaries via the AfCFTA will enable firms to entry beforehand untapped markets with a decrease probability of provide chain disruptions.”
“The Normal Financial institution Group is dedicated to selling sustainable improvement and bettering the standard of life all through Africa. Our objective “Africa is our residence, we drive her development”, underscores our dedication to fostering a secure and affluent continent the place financial development is firmly rooted in peace and safety,” he added.
Felicity Sampong, Head of Danger of Stanbic Financial institution Ghana, who represented Normal Financial institution on the signing ceremony said: “By aligning our targets with the targets of the AU Peace Fund, we exhibit our dedication to creating a optimistic impression on the continent. The donation additionally aligns with our financial institution’s technique and our optimistic impression strategy to supporting Africa’s development. It additionally reinforces {our relationships} with related intra-African entities, governments, and establishments.”
The African Union Peace Fund (AUPF), established in June 1993, serves as one of many operational instruments to finance peace and safety actions throughout the AU. Its major focus is on battle prevention via mediation and diplomacy. The AUPF is an integral a part of the African Peace and Safety Structure (APSA) and underwent revitalization in 2018 to make sure its optimistic contribution towards attaining Africa’s Agenda 2063 imaginative and prescient—a imaginative and prescient of a peaceable, affluent, and united continent.
In its quest to cut back the extent of dependency and regain and possession of the peace and safety agenda, the African Union has made commendable progress in revitalizing the AU Peace Fund, evidenced within the elevated member states contribution to the Fund, and the improved governance and administration preparations for the Fund. The endowment’s overarching objective is to allow the African Union to totally finance mediation and preventive diplomacy actions, help institutional readiness and capability, keep a disaster reserve facility, and fulfill its dedication to financing 25% of its peace operations finances.