StanChart pledges $1b to finance companies helping fight pandemic

Standard Chartered Bank has recently announced a set of measures in the global fight against coronavirus that has brought world to its knees.

Chief among them is the $1 billion financing commitment of loans, import/export financing and working capital, at preferential rates, for companies providing goods and services to help in the fight against coronavirus, and support those re-deploying production resources to help fight the pandemic.

Companies in scope include all those associated with helping to tackle Covid-19, including 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, sanitisers and other consumables.

The British lender has also created a $50 million fund to help communities affected by the lethal virus across its global footprint. Of the sum, $25 million will immediately be donated to support emergency relief in its most affected markets.

The measures come after the British multilateral lender last week announced a host of initiatives to support its clients in Bangladesh.