Standard Chartered Bank To Donate $1bn To Companies Helping To Combat COVID-19
Standard Chartered Bank has announced that it will donate $1bn to companies that provide goods and services to help the fight against Covid-19.
The bank also said that organizations planning to switch into making products that are in high demand to fight the global pandemic would also benefit from the fund.
Companies in scope include manufacturers and distributors in pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output.
Goods in the scope include ventilators, face masks, protective equipment, sanitisers and other consumables.
Simon Cooper, CEO of Corporate, Commercial and Institutional Banking at Standard Chartered, said the funds would be in form of loans, import/export finance or the working capital facilities that the companies use for day- to-day business operations to help them tool up, and help existing manufacturers get their products to market.
He said, “Clearly there’s a cost for companies to switch into these hugely in- demand items, so it’s an area where we can potentially help them get these processes up and running more quickly; and at the same time, we want to make sure that existing manufacturers and service providers get the support they need.
“Our industry teams are looking across our client base and, given our understanding of clients’ current manufacturing processes, we’re assessing which companies might want to consider adding these items to their production line.”