KUCHING: Standard Chartered Bank is committing USD1 billion financing aid for companies that provide goods and services to help in the fight against Covid-19.
Beneficiary companies include manufacturers and distributors in the pharmaceutical industry and healthcare providers.
The financing also applies to 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 consumables.
Announcing this in a media statement yesterday, its corporate, commercial & institutional banking chief executive officer Simon Cooper 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, we want to make sure that existing manufacturers and service providers get the support they need.”
The Bank intends to provide, at preferential rates, at least USD1 billion in financing to such companies in the form of loans, import/export finance or 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.
Standard Chartered is also trying to identify companies that may wish to switch into or add antivirus products to their output but haven’t indicated that they will do so at this stage, he 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.”
All financing will be subject to companies having received regulatory approvals to manufacture the goods.
Standard Chartered Malaysia managing director and chief executive officer Abrar A. Anwar 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.”
The bank will continue to serve all of its clients during this challenging period for all companies, from small businesses to large multinationals.
Malaysian manufacturers and service providers of goods and services contributing to the fight against Covid-19 can contact Standard Chartered Malaysia at CEO.SCBMY@sc.com to find out how they can apply for the financing initiative.
