The bank also said that organisations planning to switch
into making products that are in high demand to fight the global pandemic would
also benefit from the fund.
Standard Chartered Bank has announced that it will donate
$1bn to companies that provide goods and services to help the fight against
Covid-19.
The bank also said that organisations planning to switch
into making products that are in high demand to fight the global pandemic would
also benefit from the fund.
Companies in scope include manufacturers and distributors in
pharmaceutical industry and healthcare providers, as well as non-medical
companies that have volunteered to add this capability to their manufacturing
output.
Goods in the scope include ventilators, face masks,
protective equipment, sanitisers and other consumables.
Simon Cooper, CEO of Corporate, Commercial and Institutional
Banking at Standard Chartered, said the funds would be in form of loans, import/export
finance or the working capital facilities that the companies use for day-
to-day business operations to help them tool up, and help existing
manufacturers get their products to market.
He said, “Clearly there’s a cost for companies to switch into
these hugely in- demand items, so it’s an area where we can potentially help
them get these processes up and running more quickly; and at the same time, we
want to make sure that existing manufacturers and service providers get the
support they need.
“Our industry teams are looking across our client base and,
given our understanding of clients’ current manufacturing processes, we’re
assessing which companies might want to consider adding these items to their
production line.”
Keystone, Access, GT, Zenith Bank and other corporate bodies
as well as rich individuals in the country have donated funds to the fight
against the pandemic in the country.
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