Standard Chartered launches $50mn COVID-19 global fund
KATHMANDU: Standard Chartered (the Goup) has announced that it is launching a US dollar 50 million global fund to provide assistance to those affected by the COVID-19 pandemic.
Issuing a press statement, the group said it will immediately donate $25 million to support emergency relief in most affected markets. The additional $25 million will be used to help communities over the medium term to recover from the economic impact of the virus.
The SC Group will also match contributions made by its employees and other donors to meet the $50 million target. All the Group’s board and management team members will be making personal contributions to the fund, adds the statement.
On March 30, the group had announced that it is committing up to $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.
Companies in scope include manufacturers and distributors in the pharmaceutical industry and healthcare providers, among others, while goods in scope include ventilators, face masks, protective equipment and sanitisers.
Through individual country and regional efforts, the group has already donated US$1.85 million to COVID-19 relief efforts to date.