LONDON - Standard Chartered (Group) has announced the launch of a global fund of 50 Million Dollars to provide assistance to those affected by the COVID-19 pandemics.
Standard Chartered will soon donate 25 Million US Dollars for emergency response in the countries where Standard Chartered operates, which is most affected. The additional 25 million US dollars will be used to help communities recover from the medium-term economic impact. The Group will also equalize the amount of contributions received from employees and other donors to meet the target of 50 Million US Dollars. All board members and the Group management team will make a personal contribution to the fund.
Judy Hsu, Regional CEO of ASEAN & South Asia, Standard Chartered Bank, explained, "COVID-19 aid funds from Standard Chartered will be channeled to assist communities in meeting the current emergency needs, while also helping them to recover in future time. This aid fund is an addition to our commitment for financial support for companies dedicated in fighting the pandemic. Asia is home to Standard Chartered and we are available in 160 regions. Together we face this situation and together we will continue to devote ourselves to the long- term safety and prosperity of the communities."
On March 30, Standard Chartered announced it would provide loans of up to 1 billion US dollars, to finance import/export and working capital, with preferential interest rates, for companies that provide goods and services to help handle COVID-19, and support companies which diverted its production resources to handle the pandemic. (LM)