Posted on November 12, 2008 - by James

USAID, Standard Chartered partner on economic growth in Africa

The U.S. Agency for International Development (USAID) and Standard Chartered Bank today announced today that they have signed a Memorandum of Understanding (“MOU”) designed to support the increased availability of financial services in sub-Saharan Africa and to encourage sustainable economic growth there.  The goals of the parties under the MOU are to:

• promote the development of the financial sector, increase trade, and encourage local financial institutions and enterprises in sub-Saharan Africa.
• execute partial credit guarantees that focus on sectors that further economic growth, including microfinance institutions, micro- and other local enterprises, agribusiness entities and project and infrastructure-based transactions.
• provide technical assistance to financial institutions in Africa and co-host seminars, workshops and conferences for African enterprises.