KUALA LUMPUR (April 16): Standard Chartered has committed US$1 billion (RM4.35 billion) of financing for companies that are providing goods and services to help the fight against Covid-19, and those planning the switch into making products that are in high demand to fight the pandemic.

The scope of companies it is targeting include all the manufacturers and distributors in the pharmaceutical industry, healthcare providers, as well as non-medical companies that have volunteered to add the manufacturing of goods like ventilators, face masks, protective equipment, sanitisers and other such consumables to their manufacturing output.

In a statement, the bank said it intends to provide the financing, at preferential rates, to companies in the form of loans, import/export finance or working capital facilities that they can use for day-to-day business operations to help them tool up and, for existing manufacturers, to help them get their products to market.

“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,” said Simon Cooper, chief executive officer of corporate, commercial and institutional banking at Standard Chartered.

The bank is also trying to identify companies that may wish to switch to 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.

All financing will be subject to companies having received regulatory approvals to manufacture the goods, the bank said.

“In this cause to end the pandemic, every little bit goes a long way. We’re doing whatever we can to support those involved, regardless if they are at the forefront or in the background. We’ve seen Malaysia overcome many adversities throughout our 145 years of being here, and we have no doubt that the nation will triumph over this crisis again,” said Standard Chartered Malaysia managing director and CEO Abrar A Anwar.

Malaysian manufacturers and service providers of goods and services contributing to the fight against Covid-19 can contact Standard Chartered Malaysia at [email protected] to find out how they can apply for the financing initiative.