KUALA LUMPUR: Standard Chartered says it will commit US$1 billion of financing for companies that provide goods and services to help the fight against Covid-19.
The amount is also for companies planning the switch into making products that are in high demand to fight the global pandemic.
“Companies in scope include all those associated with helping to tackle Covid-19,” the bank said in a statement today.
This includes 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, StanChart chief executive officer of corporate, commercial and institutional banking, 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, he added, the bank wanted to make sure that existing manufacturers and service providers get the support they need.
The US$1 billion will be in the form of loans, import/export finance or the working capital facilities that companies use for day-to-day business operations to help them tool up, and help existing manufacturers get their products to market.
All financing will be subject to companies having received regulatory approvals to manufacture the goods.
Standard Chartered Malaysia managing director and CEO Abrar A. Anwar said in this cause to end the pandemic, every little bit went 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,” he added.
Malaysian manufacturers and service providers of goods and services contributing to the fight against Covid-19 can contact Standard Chartered Malaysia to find out how they can apply for the financing initiative.