Standard Chartered commits $1 billion to finance companies tackling COVID-19

Standard Chartered Group has announced $1 billion to finance companies across all its markets that provide goods and services, as part of its global measures to help the fight against COVID-19 pandemic.

The bank also launched a $50 million global fund to help communities affected by COVID-19 across its global footprint, it said in a statement.

It will immediately donate $25 million to support emergency relief in its 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.

“Clearly there’s a cost for companies to switch into these hugely in-demand items, so it’s an area where we can help them get up and running more quickly. At the same time, we want to make sure that existing manufacturers and service providers get the support they need,” said Simon Cooper, CEO of Corporate, Commercial & Institutional Banking at Standard Chartered.

The management of the bank has also introduced a range of measures to protect the safety and wellbeing of their employees, enabling remote working practices. All staff are encouraged to up-skill themselves through a wide range of virtual learning resources available, at their convenience.

“These are challenging times for businesses and households alike and we need to come together to weather this storm so that our economy retains its growth trajectory once Covid-19 has been defeated,” said Naser Ezaz Bijoy, CEO, Standard Chartered Bangladesh.   

Last week, the bank announced a range of initiatives to support its clients in Bangladesh, including a three-month payment holiday for loan against property, and mortgage loans for small and medium enterprises.