Standard Chartered Bank announced on April 1st, 2020 that it had launched a $50 million fund to provide assistance to those who have been affected by the Coronavirus pandemic.
The announcement followed an earlier plan by the bank, to avail credit facilities to manufacturers of essential goods and services.
As Nairametrics had reported, the sum of $1 billion will be disbursed as loans by the bank, albeit at preferential interest rates.
Details about the $50 million fund: According to a statement that was seen by Nairametrics, the company will, first of all, donate the sum of $25 million. The money will go towards providing emergency support to some of the regions that have been most affected by the pandemic, thereby supplementing an earlier effort that havd been made. The statement said in parts:
“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.
“Through individual country and regional efforts, Standard Chartered has already donated US$1.85 million to COVID-19 relief efforts to date.”
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Provisions made for staff welfare: The statement went further to note that more details about the $50 million assistance fund would be made available to the public in the coming days.
In the meantime, Standard Chartered Bank said it had adopted some initiatives aimed at providing support and welfare to its 84, 000 employees around the world.
The company also reiterated its earlier statement regarding the $1 billion worth of loans it made available to manufacturers of essential goods and services. The loans will be given to companies that are currently manufacturing products like ventilators, face masks, and other medical equipment, as well as those who are willing to venture into this field in order to meet growing demands.
“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.”
