CDC Group is an UK’s development finance institution and impact investor. The increase in commitment will provide Standard Chartered with systemic liquidity to directly support trade lines to local banks across South Asia and sub-Saharan Africa.
Standard Chartered and CDC have taken a different approach to funding. The capital will be channelled into some of Africa’s most fragile countries and will address major challenges in the food and agriculture and healthcare sectors as they benefit from preferential terms.
Standard Chartered committed to providing USD 1 billion of financing on a not-for-profit basis for companies that provide goods and services to help the fight against COVID-19 in March 2020. It has since completed a number of drawdowns including recent disbursals to a leading plastics manufacturer in Vietnam to accelerate the production of plastic bottles supplied to sanitiser manufacturer, as well as a USD 50 million loan to support a global technology, supply chain and manufacturing solutions company in addressing the supply chain issues facing the manufacturers of medical equipment. It also established a USD 50 million COVID-19 Global Charitable Fund in April 2020 to help the recovery of the communities and markets it operates in.
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