Posted: Fri Jun 22, 2007 10:24 am Post subject: Standard Chartered Bank Offers N64bn Poverty Fund
Standard Chartered Bank Offers N64bn Poverty Fund
Daily Trust
Hamisu Muhammad
15 June 2007
Standard Chartered Bank has announced a $500 million (about N64 billion) microfinance facility for poverty alleviation in Africa and Asia. The bank will provide development organizations and fund managers with $500 million of credit and financial instruments as well as technical assistance to finance microfinance institutions (MFIs) in Africa and Asia.
A statement made available yesterday quoted Mervyn Davies, Standard Chartered Group Chief Executive at the second annual Clinton Global Initiative Meeting saying that the facility is estimated to benefit about 4 million people who are currently excluded from participation in the financial sector, over a five-year period.
He the program has three separate commitments to help alleviate poverty across Asia and Africa. The two others programs include; to educate a further one million people about HIV/AIDS and supporting the Vital Voices Global Partnership.
"Recognizing the critical contributions of African women in socio-economic development, the Global Partnership aims to foster the development of emerging African women leaders, equipping them with the professional skills and networks they need to achieve their full potential. A Pan-African Leadership Summit for Women was held in Cape Town, South Africa, in January 2007".
"Standard Chartered's 'Living with HIV' peer-education workshops have already been rolled out to all staff, many of the Bank's customers and suppliers, Governments, NGOs and the wider community". "The Bank is committed to extending this reach by educating an additional one million people over three years".
The Clinton Global Initiative is a catalyst for action, bringing together a community of global leaders and headed by former US President, Bill Clinton to devise and implement innovative solutions to global problems.
Present at the annual meeting was Mervyn Davies, Standard Chartered Group Chief Executive. Mr. Davies said: 'The Bank is committed to building a sustainable business and we can make the greatest difference by using our core skills, services and talent. The Clinton Global Initiative is a great opportunity for Standard Chartered to scale up our existing partnerships in the areas where the need for microfinance, HIV/AIDS education and women's empowerment is most acute.'
Standard Chartered entered Nigeria in 1999 and opened to customers on 15 September 1999 as a wholly owned subsidiary of Standard Chartered Bank Plc, headquartered in United Kingdom. It now has eight branches located in Lagos, Port Harcourt, Abuja and Ibadan offering a wide range of products and services in both consumer and wholesale banking. It employs over 300 employees and sees Nigeria as a growth centre.
_________________ May we be strengthened with the ability, willingness and capabilities to be good ambassadors of Nigeria contributing to its uplifting, rather than its detriment. - Cxsm
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