Standard Chartered announced that it will commit US$1 billion in terms of financing for companies that provide goods and services to help fight against Covid-19, and those planning to switch to making products that are in high demand to fight the global pandemic.
This will encompass 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 manufacture ventilators, face masks, protective equipment, sanitisers and other consumables.
Its CEO for corporate, commercial and institutional banking, Simon Cooper, pointed out that there is clearly a cost for companies to switch to 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 said in a statement released yesterday that it intends to provide, at preferential rates, at least US$1 billion to those companies in the form of loans, import/export finance or for their working capital facilities that they use for day-to-day business operations to help them tool up, and help existing manufacturers get their products to market.
It is also trying to identify companies that may wish to switch into or add anti-virus products to their output. “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,” Cooper added.
Only companies that have received regulatory approval to manufacture the goods are eligible for financing. Those who are keen to apply can contact Standard Chartered Malaysia at [email protected].