StanChart’s support

KATHMANDU: Standard Chartered PLC (Group) has announced a number of measures globally to provide support: $1 billion of financing for companies that provide goods and services to help the fight against COVID-19 and those planning the switch into making products that are in high demand to fight the global pandemic.

“We are seeing high demand for funding and have already approved over $75 million of facilities in the first week,” reads a press release issued on Thursday.

The group will immediately donate $25 million to support emergency relief in most affected markets.

The additional $25 million will be raised from bank colleagues and directors, matched by the group, to help communities to recover from economic impact of the virus.

The release also states the bank does not intend to make any layoffs as a result of the pandemic.

A version of this article appears in e-paper on April 10, 2020 of The Himalayan Times.