News

Standard Chartered commits $1bn to Covid-19 fight

Face_maskStandard Chartered has made $1 billion (€0.9 billion) of finance available for companies able to provide ventilators, face masks and other goods and services to help fight the Covid-19 pandemic.

Companies in scope include healthcare providers, along with manufacturers and distributors in the pharmaceutical industry.

Companies in non-related sectors that can switch their production to support the fight against the virus and Standard Chartered said it is also trying to identify companies who are considering changing to, or adding anti-virus products to their production line, but have not yet said they will.

Simon Cooper, chief executive of corporate, commercial and institutional banking at Standard Chartered, said: “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.”

The bank said it will provide “at least” $1 billion in financing at “preferential rates” in the form of loans, import/export finance or the working capital facilities they use on for daily operations to help them help existing manufacturers get products to market.

© 2020 funds europe

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