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Standard Bank has set up a foundation in Jersey to support a UN-led fund promoting African women in business.
The Johannesburg-headquartered group, which has its international division based in La Motte Street, has registered a foundation in partnership with the UN Economic Commission for Africa backing the African Women Impact Fund.
This aims to support female-led asset management firms and promote sustainable growth across the African continent.
Charles Molteno, Chief Executive and Jersey Head, International Client Solutions, at Standard Bank, said: “We are very pleased that Jersey was chosen for this structure, which is a great example of how Jersey can be an enabler for impact initiatives such at this.”
Colleague Jonathan Sprigg, the bank’s Head of Fiduciary Services, International Client Solutions, added: “On the African continent, only 5% of fund managers are women. The AWIF will strengthen the economic empowerment of African women and we feel so privileged to be supporting the initiative by administering the AWIF Foundation here in Jersey.”
The African Women Impact Fund Foundation, established by Standard Bank Offshore Trust Company Jersey Limited, will secure donations from international donors, and provide support to the AWIF initiative by providing capital technical assistance and operational support to the female fund managers - themselves selected to be part of the innovative AWIF through a structured development programme.
The foundation’s mandate is to support the AWIF initiative, which aims to raise up to $1 billion over ten years (£737 million) for women fund managers who, in turn, will invest in high-impact businesses and projects across Africa.
Pictured top: Standard Bank's Jonathan Sprigg.
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