Connect with us

Finance

Standard Chartered Launches US$50m COVID-19 Assistance Fund

Standard Chartered Private Bank’s Sustainable Investing Review 2020 highlights
Advertisement

In keeping with its brand promise to be Here for good, particularly in times of adversity, Standard Chartered (the Group) announced today that it is launching a $50 million global fund providing assistance to those affected by the COVID-19 pandemic.

The Group will immediately donate $25 million to support emergency relief in our most affected markets. The additional $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 $50 million target. All the Group’s board and management team members will be making personal contributions to the fund.

Advertisement
Advertisement
Advertisement

Through individual country and regional efforts, Standard Chartered has already donated US$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 $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.

Advertisement

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.

More details on the $50 million fund will be announced in the coming days.

Source: Standard Chartered

Advertisement
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Global Brands Magazine is a leading brands magazine providing opinions and news related to various brands across the world. The company is head quartered in the United Kingdom. A fully autonomous branding magazine, Global Brands Magazine represents an astute source of information from across industries. The magazine provides the reader with up- to date news, reviews, opinions and polls on leading brands across the globe.


Copyright - Global Brands Publications Limited © 2020. Global Brands Publications is not responsible for the content of external sites. | Website Maintenance by seo services india

Translate »