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Standard Chartered commits USD 1 bln to finance companies helping to tackle Covid-19

Tuesday 31 March 2020 10:11 CET | News

Standard Chartered has announced that it will commit USD1 billion of financing for companies that provide goods and services to help the fight against Covid-19, and those planning the switch into making products that are in high demand to fight the global pandemic. 

Companies in scope 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.

 

The bank intends to provide, at preferential rates, at least USD 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.

Standard Chartered is also trying to identify companies that may wish to switch into or add anti-virus products to their output but haven’t indicated that they will do so at this stage.

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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Keywords: Standard Chartered, financing, loans, businesses, coronavirus
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech