StanChart Announces USD 50m COVID-19 Assistance Fund

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StanChart Announces USD 50m COVID-19 Assistance Fund

April 3: The British multinational banking and financial services company Standard Chartered Group has launched a USD 50 million global fund to provide assistance to those affected by the coronavirus (COVID-19) pandemic.

Issuing a press statement, Standard Chartered said that the Group will immediately donate USD 25 million to support emergency relief in the most affected markets. “The additional USD 25 million will help communities over the medium term to recover from the economic impact of the virus. It will also match contributions made by its employees and other donors to meet the USD 50 million target,” reads the statement. According to the bank, all the Group’s board and management team members will be making personal contributions to the fund.

Through individual country and regional efforts, Standard Chartered has already donated USD 1.85 million to COVID-19 relief efforts to date.

The Group has also launched initiatives to provide economic support and protect the wellbeing of customers, clients and the Group’s 84,000 employees around the world. “On 30 March, the Group announced that it is committing up to USD 1 billion of loans, import/export financing and working capital, at preferential rates, for companies providing goods and services to help in the fight against COVID-19, and support those re-deploying production resources to help fight the pandemic,” said the bank.

According to the statement, companies in scope include manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output. “Goods in scope include ventilators, face masks, protective equipment and sanitisers,” reads the statement.



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