COVID-19 pandemic is threatening economic stability across the world and nations can’t help but channel all their resources towards combating the virus. Over 1 million have contracted the virus and 50,000 others have died from the same globally.
Governments of nations affected by the virus have been forced to set up emergency funds kitty among other directives to prevent the spread of the virus, including travel restriction, social distancing, self-quarantine and continued efforts towards creating awareness of the virus across by encouraging citizens to wash their hands regularly with soap and water.
Among state interventions to cushion citizens from COVID-19, governments have been working hand in hand with the financial institutions for borrowers including businesses and individuals to have access to loans. On 30th March Standard Chartered announced that it will commit USD1 billion of financing for companies that provide goods and services, and those planning the switch into making products that are in high demand to fight the global pandemic.
Yesterday, the Bank announced its launching a $50 million global fund providing assistance to those affected by the COVID-19 pandemic. $25 million of the donation will be used to support emergency relief in most affected markets and the additional $25 million will help communities over the medium term to recover from the economic impact of the virus.
All the Group’s board and management team members will be making personal contributions to the fund and other employees contributions will be added. Through individual country and regional efforts, Standard Chartered has already donated US$1.85 million to COVID-19 relief efforts to date. It has also launched initiatives to provide economic support and protect the wellbeing of customers, clients and the Group’s 84,000 employees around the world