Standard Chartered Bank has announced further details on its $50 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.
The phase 1 provides $25 million emergency relief for communities and has donated $21.9 million to 128 NGOs, charities and other partners across 52 markets. The bank explained that 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.
The phase 2 will see the donation of $25 million supporting economic recovery and protecting livelihoods. It 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.
Commenting, Group Head of Corporate Affairs, Brand & Marketing, Standard Chartered Bank, Tracey McDermott, 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.”