Standard Chartered Plc. announced a donation totaling $25 million to humanitarian groups and nongovernment organizations (NGOs) to support the fight against coronavirus disease 2019 (Covid-19) pandemic.
In a recent statement, the bank said that it pledged $5 million to Red Cross for urgent medical support.
This includes funding for primary and secondary health care, communication of protection measures and provision of personal protection equipment (PPE) for Red Cross staff, in addition to distribution of food and education packages.
Another $5 million is allocated for the United Nations Children’s Fund (Unicef) to fund educational aid for vulnerable sector across 12 locations in Africa and South Asia.
The fund is aimed at providing remote education via television, radio, online and mobile platforms. This, as it supports child protection measures such as alternative care arrangements and family tracing services; and training for social workers to provide mental health support to vulnerable children, among others.
The remaining $15 million is to be given to Standard Chartered’s four regional segments to disburse to what the bank says are its “NGO partners.” These include those operating in the Association of Southeast Asian Nation and South Asia; Africa and Middle East; Europe and Americas; and, Greater China and North Asia.
Standard Chartered, to date, has committed $4.2-million funding across 17 markets.
“Working with the Unicef and the Red Cross, as well as local NGO partners, will be critical in allowing us to provide rapid and effective medical and educational help to some of the most vulnerable people in our societies,” Standard Chartered Plc. Group Chief Executive Bill Winters was quoted in a statement as saying. “But we can’t lose sight of the longer-term economic and health impact of Covid-19, and that is why our focus is also on supporting economic recovery and the protection of livelihoods.”
Both Unicef and Red Cross were grateful for the donation made by the bank, noting that the funding could help alleviate the situation of the vulnerable sector amid the pandemic.
“We know that our global response will only be as strong as the ability of the weakest public health system to respond, and this donation will help us deliver our vital work to the poorest and most vulnerable people,” British Red Cross CEO Mike Adamson was quoted in the statement as saying.
Unicef Executive Director Henrietta Fore was also quoted in the statement as expressing gratitude to the bank.
The $25-million donation is part of the total $50-million fund Standard Chartered PLC earlier pledged to help the fight against the virus.
The other half is earmarked for employment protection and educational opportunities. Funding will begin in August this year, aiming to deliver projects by end-2021.