Standard Chartered (StanChart) has declared its intention to provide financing of US$1 billion for companies supplying goods and services to help fight the COVID-19 and those preparing to produce high demand items to counter the global pandemic.

StanChart's CEO Simon Cooper said that businesses will have the expense of transitioning to these high-demand products and the organization aims to help and promote both suppliers and service providers. The company has a clear responsibility for handling and supplying services.

"We plan to provide a total of USD 1 billion of loan funding, import/export financing or working capital facilities at discounted rates to these companies to help them incorporate their resources in day-to-day operations as well as helping existing manufacturers to market their goods," Simon said.

Companies within the scope include pharmaceutical and health industry manufacturers and distributors, as well as non-medical companies that have volunteered to add these capacities to their output.

The products include ventilators, face masks, protective equipment, sanitizers, and other consumables.

He also said that the Group is attempting, but has not confirmed that they can at this point, recognize companies that may wish to turn to or add antivirus products to their production.

Malaysian producers and service providers contributing to the battle against COVID-19 can contact CEO.SCBMY@sc.com for details about how they are eligible for funding. standard Chartered Malaysia