London-based Standard Chartered, a British multinational banking and financial services company with over $700 billion in total assets, has reportedly committed $1 billion in capital to companies that are helping to address the economic challenges due to the Coronavirus (COVID-19).
There are now many companies that are providing critical goods and services, which include high-demand products needed during these challenging times.
These firms include large manufacturers and distributors in the pharmaceutical sector and healthcare service providers. Non-medical firms have also volunteered to increase their manufacturing output, as required. Companies are now offering ventilators, face masks, protective equipment, and sanitizers.
Simon Cooper, CEO of corporate, commercial and institutional banking at Standard Chartered, stated:
“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.”
Standard Chartered’s management confirmed that the bank will offer at least $1 billion of funding through loans, import and export finance or via the working capital facilities that firms use for conducting their routine business operations.
The institution is presently in the process of identifying firms that might want to switch to or integrate products to combat the coronavirus.
Simon added:
“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.”