International banking group Standard Chartered has launched a $50-million global fund to provide assistance to those affected by the Covid-19 pandemic.
Half of the funding will immediately be deployed for relief in the group’s most affected markets, while the balance will help communities over the medium term to recover from the economic impact of the virus.
All the group’s board and management team members will be making personal contributions to the fund.
To date, Standard Chartered has donated $1.85-million towards Covid-19 relief through individual country and regional efforts.
The banking group has also launched initiatives to provide economic support to protect the wellbeing of customers, clients and the group’s 84 000 employees globally.
On March 30, Standard Chartered announced that it was committing up to $1-billion of loans, import/export financing and working capital, at preferential rates, for companies that are providing goods and services to help in the fight against the virus.
The group says it will publish more details on the $50-million fund in the coming days.