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Standard Chartered Launches $50m Fund to Support Fight against COVID-19
Standard Chartered Bank Plc has launched $50 million COVID-19 Global Charitable Fund to assist communities across its 59 markets to fight pandemic. The Group will provide $25 million of funding for immediate relief from the impact of Covid-19, with all funding commitments made by July 2020. To ensure funds are allocated on the ground where they can provide rapid and targeted impact, the Group has pledged $5 million of funding to the Red Cross for urgent medical support.
The group will also provide $5 million of funding to UNICEF for the immediate educational support of vulnerable children across 12 markets in Africa and South Asia and $15 million of funding to the Group’s four Regions (ASEAN and South Asia, Africa and Middle East, Europe and Americas, and Greater China and North Asia) to disburse to local NGO partners.
In the phase two, the group will provide $25 million of funding to protect employment and educational opportunities, aiding the long-term recovery of communities impacted by Covid-19.
Group Chief Executive, Standard Chartered Plc, Bill Winters, said: “Working with UNICEF and the Red Cross, as well as local NGO partners, will be critical in allowing us to provide rapid and effective medical and educational help to some of the most vulnerable people in our societies. But we can’t lose sight of the longer-term economic and health impact of Covid-19, and that is why our focus is also on supporting economic recovery and the protection of livelihoods. I am incredibly proud that my colleagues throughout the bank have indicated so strongly their intention to make personal donations as part of our funding commitments.”