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Standard Chartered is setting aside $500million (£266m) over five years to provide development organizations and fund managers with credit and technical assistance to support microfinance institutions in Asia and Africa. The bank estimates this will benefit four million people excluded at present from participating in the financial sector.
The bank’s commitment was one of three schemes to alleviate poverty in Asia and Africa announced at the second annual meeting of the Clinton Global Initiative, the international body headed by former President Bill Clinton to find innovative solutions to social problems.
Standard Chartered’s second commitment is to bring HIV and Aids education to a million people. The bank has already offered its Living with HIV workshops to all its staff, and to many customers, suppliers, governments and non-governmental organizations. It hopes to extend them to a million more people in the next three years.
The third commitment is aimed at helping African women to gain professional skills and reach their full potential.
Mervyn Davies, Standard Chartered Group’s chief executive, told the initiative’s annual meeting: ‘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 its existing partnerships in the areas where the need for microfinance, HIV and Aids education and women’s empowerment is most acute.’
The bank’s commitment was one of three schemes to alleviate poverty in Asia and Africa announced at the second annual meeting of the Clinton Global Initiative, the international body headed by former President Bill Clinton to find innovative solutions to social problems.
Standard Chartered’s second commitment is to bring HIV and Aids education to a million people. The bank has already offered its Living with HIV workshops to all its staff, and to many customers, suppliers, governments and non-governmental organizations. It hopes to extend them to a million more people in the next three years.
The third commitment is aimed at helping African women to gain professional skills and reach their full potential.
Mervyn Davies, Standard Chartered Group’s chief executive, told the initiative’s annual meeting: ‘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 its existing partnerships in the areas where the need for microfinance, HIV and Aids education and women’s empowerment is most acute.’
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