Standard Chartered unveils $50m global Covid-19 assistance fund
The bank has also committed $1 billion to finance companies that are helping to tackle the coronavirus
Standard Chartered PLC recently announced a set of global measures, including a $50 million global community assistance fund, to support those hit by the Covid-19 outbreak.
Of the $50 million, the British multinational banking and financial services company will immediately donate $25 million to support emergency relief in its hardest-hit markets.
The remaining $25 million will be spent over the medium term on helping communities recover from the economic punch struck by coronavirus.
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The latest Covid-19 assistance fund has been launched to match the donations made by the bank's employees and other donors who raised a total of $50 million, the bank said in a statement.
Also, on March 30, Standard Chartered committed $1 billion to finance companies that provide goods and services to help tackle Covid-19 and those planning the switch into making products that are in high demand to fight the scourge.
The bank will finance service providers and companies manufacturing ventilators, masks, protective equipment, sanitisers, and other consumables.
Companies in scope include manufacturers and distributors in the pharmaceutical industry, healthcare providers and non-medical companies.
Commenting on the $1 billion financing commitment, CEO of Corporate, Commercial and Institutional Banking at Standard Chartered Simon Cooper said, "Clearly there's a cost for companies to switch into these hugely in-demand items, so it's an area where we can help them get up and running more quickly.
"At the same time, we want to make sure that existing manufacturers and service providers get the support they need."
Apart from donations, Standard Chartered has launched several initiatives to protect its customers, clients and 84,000 employees around the world.
Last week, the bank announced a range of initiatives to support its clients in Bangladesh.
Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh, said, "The need of the hour is to do everything we can to address the unprecedented health threat facing us.
"These are challenging times for businesses and households alike and we need to come together to weather this storm so that our economy retains its growth trajectory once Covid-19 has been defeated."
Through individual country and regional efforts, Standard Chartered has already donated $1.85 million to Covid-19 relief efforts to date.
