AIDS: Global Fund partners with Standard Bank in Africa

Lusaka- Zambia (PANA) - – The Global Fund to Fight AIDS, Tuberculosis and Malaria on Monday announced that it had signed a pilot partnership agreement with the St a ndard Bank, Africa’s largest banking group in terms of assets, geographical spre a d and market capitalization, to offer 'pro bono' support to Global Fund grant re c ipients 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, the fund said i n a statement.
Standard Bank’s support will be a service available in selected African countrie s for grant recipients who request it and tailored to fit their needs and requir e ments.
It is anticipated that Standard Bank will gradually extend this support to a lar ger number of countries on the continent in the future.
“I am extremely pleased that Standard Bank has signed a partnership agreement wi th the Global Fund offering their expertise to improve grant efficiency and effe c tiveness where needed,” said Michel Kazatchkine, executive director of the Globa l Fund.
“It shows that the corporate sector in Africa is ready to play a constructive ro le in the fight against AIDS, tuberculosis and malaria.
” By deploying its experts in financial management to support program implementers , Standard Bank will dramatically increase the effectiveness of the money invest e d by the Global Fund, John Tedstrom, executive director of the Global Business C o alition on HIV/AIDS, TB and Malaria said.
At its November 2008 meeting, the Global Fund Board decided that the organizatio n may broker offers of donations of services from the private sector to grant re c ipients.
In 2008, more than US$ 180 million was contributed to the Global Fund from the p rivate sector.

26 january 2009 15:51:00

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