29 January 2009
Bank will offer financial management support to grant implementers
Geneva – The Global Fund to Fight AIDS, Tuberculosis and Malaria today announced that it has signed a pilot partnership agreement with Standard Bank, Africa’s largest banking group in terms of assets, geographic spread and market capitalization, to offer pro bono support to Global Fund grant recipients in selected African countries.
Standard Bank will offer financial and management expertise to Global Fund grant recipient countries to ensure that funds are distributed inside the country in a timely manner as well as assisting with reporting requirements. Standard Bank’s support will be a service available in selected African countries for grant recipients who request it and tailored to fit with their needs and requirements.
It is anticipated that Standard Bank will gradually extend this support to a larger number of countries on the continent in the future.
“I am extremely pleased that Standard Bank has signed a partnership agreement with the Global Fund offering their expertise to improve grant efficiency and effectiveness where needed,” said Dr Michel Kazatchkine, Executive Director of the Global Fund. “It shows that the corporate sector in Africa is ready to play a constructive role in the fight against AIDS, tuberculosis and malaria.”
“Standard Bank’s new partnership with the Global Fund is an excellent example of business’ ability to contribute to the health and development of the world,” said John Tedstrom, Executive Director of the Global Business Coalition on HIV/AIDS, TB and Malaria. “Business competencies make a difference. By deploying its experts in financial management to support program implementers, Standard Bank will dramatically increase the effectiveness of the money invested by the Global Fund. And by engaging its employees directly in this work, Standard Bank is building a strong connection to communities where it works as well as to one of the world’s most essential development organizations.”
Since the Global Fund’s inception in 2001, the private sector - including businesses, business associations and individuals - has contributed to the work of the Global Fund in a variety of ways, ranging from engaging in the governance of the Global Fund to contributions of cash and non-cash resources to collaborating with in-country partners and recipients.
At its November 2008 meeting, the Global Fund Board decided that the organization may broker offers of donations of services from the private sector to grant recipients.
In 2008, more than US$180 million was contributed to the Global Fund from the private sector, including contributions from Chevron, the Bill & Melinda Gates Foundation and (PRODUCT) RED and its partners, among others.