Standard Chartered has announced that it is launching a $50-million global fund providing assistance to those affected by the coronavirus disease 2019 pandemic.
In a statement, the Group said it would immediately donate $25 million to support emergency relief in its most affected markets.
The additional $25 million could 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 would be making personal contributions to the fund.
Through individual country and regional efforts, Standard Chartered has already donated $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 its 84,000 employees around the world.
On March 30, Standard Chartered announced 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 redeploying production resources to help fight the pandemic.
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 sanitizers.