Standard Chartered commits US$1bn to finance companies tackling COVID-19

Standard Chartered announced that it will commit US$1billion of financing for companies that provide goods and services to help the fight against COVID-19, and those planning the switch into making products which are in high demand to fight the global pandemic.

Companies in this 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.

Simon Cooper, CEO of Corporate, Commercial & Institutional Banking at Standard Chartered said: “Clearly, there’s a cost for companies to switch into these hugely in-demand items; so it’s an area where we can help them get up and running more quickly. At the same time, we want to make sure that existing manufacturers and service providers get the support they need”.

The bank intends to provide, at preferential rates, at least US$1billion of financing to those companies in the form of loans, import/export finance or the working capital facilities they use for day-to-day business operations to help them tool-up, and help existing manufacturers get their products to market.

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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 they will do so at this stage. “Our industry teams are looking across our client base, and given our understanding of clients’ current manufacturing processes we’re assessing which companies might want to consider adding these items to their production line,” he added.

All financing will be subject to companies having received regulatory approval 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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