News

Standard Chartered commits $1bn to companies fighting Covid-19

CoronavirusStandard Chartered has set its sights on tackling Covid-19 in the form of US$1 billion in financing for companies that provide goods and services to help fight the pandemic. The financing also includes companies that are switching their production to make products that are high in demand for the effort. “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 bank said in a statement on March 30, 2020. 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” US$1 billion in financing at “preferential rates”. This includes loans, import/export finance or the working capital facilities they use on for daily operations to help them tool up and assist existing manufacturers in getting their products to market. 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 that they will do so at present. © 2020 funds global asia

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