Standard Chartered has announced further details on its USD50 million COVID- 19 Global Charitable Fund, established in April to help recovery from the COVID-19 pandemic in the communities and markets in which it operates.
There are two distinct phases to the funding.
Phase 1 – providing USD25 million emergency relief for communities – has to date donated USD21.9 million to 128 NGOs, charities and other partners across 52 markets. From Nepal and India to the UK and the US, the Bank’s donations are reaching charities and NGOs across the world.
Partner organisations have been selected based on their understanding of local needs and their ability to provide rapid support to individuals and communities.
Donations have been used to support frontline healthcare workers with personal protective equipment (PPE) and other support services; fund medical equipment and testing; support social services for vulnerable groups, such as food provision, housing assistance, visits and advice; enable health and hygiene communication; and help young people to continue their education.
Phase 2 – USD25 million supporting economic recovery and protecting livelihoods – is intended to address the impacts which go far beyond the need for emergency relief. COVID-19 has had a dramatic impact on inequality – in some cases reversing years of progress at the cost of the most vulnerable in society and Standard Chartered is committed to playing its part in helping communities rebuild.
On World Youth Skills Day today, the Bank confirms its commitment to use the USD25 million for economic recovery to support education, employability and entrepreneurship projects for young people through Futuremakers by Standard Chartered, its global initiative to tackle inequality. This increases the total commitment to young people through Futuremakers from USD50 million to USD75 million between 2019 and 2023.
Given the need to deliver rapid support, new funding for COVID-19 recovery projects should start in August 2020 with a target to commit all funds by the end of 2021. Projects will specifically respond to COVID-19 challenges and will protect learning opportunities for young people by supporting access to education, protect livelihoods by training young people to regain employment and support micro and small businesses to begin operating again.
Tracey McDermott, Group Head of Corporate Affairs, Brand & Marketing, said: “I am proud of how we have worked with our NGO partners to provide rapid relief to some of the most vulnerable in the communities in which we operate. Now, as we focus on supporting economic recovery, we aim to help young people rebuild their lives and livelihoods. Through Futuremakers, our priority is to get young people back into education and training or employment and to support micro entrepreneurs to get their businesses back up and running as soon as possible.”
As part of its commitment to young people, Standard Chartered has been hosting its inaugural Futuremakers Forum over June and July. The online events are informed by Driving enterprise and employment with young people, an insights paper produced in association with Business Fights Poverty, that sets out the common themes and challenges around youth economic inclusion.
The third and final third panel discussion, focusing on skills and quality jobs for young people, will be hosted by Tracey McDermott on World Youth Skills Day. The discussion will address how collaboration between business, NGOs and educators can help young people get the skills they need for today and tomorrow’s workplace.