Standard Chartered commits $1bn to companies at forefront of fighting Covid-19
International banking group Standard Chartered will commit $1-billion in financing for companies that provide goods and services to help in the fight against Covid-19, and those planning the switch into making products that are in high demand to fight the worldwide pandemic, the bank announced on March 30.
The bank intends to provide, at preferential rates, at least $1-billion of financing to those companies in the form of loans, import/export finance or the working capital facilities that they use for day-to-day business operations to help them “tool up”, and help existing manufacturers get their products to market.
Companies within the scope of the assistance package 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.
Standard Chartered corporate, commercial and institutional banking CEO Simon Cooper says there is clearly a cost for companies to switch into these hugely in-demand items, thereby representing an area where the bank 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.”
Standard Chartered is also trying to identify companies that want to switch into or add anti-virus products to their output but have not indicated that they will do so at this stage. In this regard, he says the bank’s industry teams are looking across its client base.
In addition, given its understanding of clients’ current manufacturing processes, Standard Chartered is also assessing which companies might want to consider adding these items to their production line.
All financing will be subject to companies having received regulatory approvals to manufacture the goods.
The bank will continue to serve all of its clients during what is a challenging period for all companies, from small businesses to large multinationals.
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