Standard Chartered Group announces $50 million global Covid-19 fundAll members of the group's board and management to personally contribute to the fund.
Standard Chartered Group on Tuesday announced the launch of a $50 million global fund to provide assistance to those affected by the COVID-19 pandemic.
In a statement, the group said that it will immediately donate $25 million to support emergency relief in its most affected markets.
“The additional $25 million will help communities over the medium term to recover from the economic impact of the virus,” said the group adding that it will also match contributions made by its employees and other donors to meet the $50 million target.
The statement said that all members of the group’s board and management team will make personal contributions to the fund.
“On 30 March, the Group announced that 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 re-deploying production resources to help fight the pandemic," the statement read.
Standard Chartered, through individual country and regional efforts, has already donated US$1.85 million to COVID-19 relief efforts to date, the group stated.