Originally published: September 21, 2006
Source: Standard Chartered Bank
Standard Chartered has announced three separate commitments to help alleviate poverty across Asia and Africa at the second annual Clinton Global Initiative.
The Clinton Global Initiative is a catalyst for action, bringing together a community of global leaders and headed by President Bill Clinton to devise and implement innovative solutions to global problems.
The first commitment is the establishment of a $500million microfinance facility. Standard Chartered will provide development organizations and fund managers with $500million of credit and financial instruments as well as technical assistance to finance microfinance institutions (MFIs) in Africa and Asia. It is estimated this facility will benefit 4 million people who are currently excluded from participation in the financial sector, over a five-year period.
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.”
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