This is an extension of the pro-bono agreement signed in 2008 between the two organiSations. The MoU, which was signed on 15 April 2015, extends the relationship between the two organisations for an additional three years.
The Global Fund mobilises and invests US$4 billion a year to combat the AIDS, tuberculosis and malaria epidemics. It supports programs run by local experts in countries and communities most in need. More than 50% of that funding is directed to countries in Africa.
The MoU between Standard Bank and the Global Fund focuses on improving the financial skills and management expertise of Global Fund implementers. These include government health ministries, faith based organisations, non-government organisations and private sector foundations.
Through this partnership, Standard Bank is helping with the timely distribution of Global Fund resources and also the reporting requirements of grant recipients.
Standard Bank's partnership with the Global Fund will be implemented in a phased approach, starting with the first set of countries in 2015. Subsequent support and implementation of financial advisory services will be rolled out in selected countries across Standard Bank's 20-country footprint on the continent.
Chris Newson, Standard Bank's Chief Executive for Africa said: "Through our partnership with the Global Fund and engaging with its grant recipients and program implementers, we are helping to make sure that grant efficiency and effectiveness is improving, which ultimately has a positive impact on the fight against the three diseases. By engaging our employees directly in this work, Standard Bank is building a strong connection to communities where it operates as well as to one of the world's most essential development organizations."
Antonello Barbaro from the Global Fund echoed the sentiments and added: "Through our work with communities across the continent we have found that financial and management skills play an important role in extending the impact of donor funding. Over the past seven years we have seen the positive impact of this partnership across a number of countries. We look forward to continuing our work with Standard Bank in contributing to Africa's development".
Through the initial agreement with the Global Fund, Standard Bank previously organised financial and management training workshops for Global Fund implementers in three African countries.
For more information on the Global Fund: http://www.theglobalfund.org/en/
