First Middle East financing on our USD1 billion financing programme to help tackle COVID-19
Companies from Sri Lanka, Ghana also tap programme
Singapore, London – Standard Chartered’s first disbursal in the Middle East marked the latest in a series of transactions across Asia, Africa and the Middle East under the Bank’s USD1 billion financing commitment to help companies tackling COVID-19.
The disbursal to Kavalani & Sons, the Bahrain-based importer / distributor of marine, contracting and safety equipment, will finance the procurement of personal protective equipment and critical care equipment for hospitals. Last week the Bank also extended a loan to Sri Lanka-based MAS Intimates to facilitate the purchase of raw materials for the production of surgical face masks for the US market; and to Kasapreko Company, the Ghanaian beverage manufacturer that will produce hand sanitisers and alcohol hand rubs.
Simon Cooper, CEO of Corporate & Institutional Banking at Standard Chartered, said: “We’re very pleased that this initiative is helping equipment and services get to the front line in markets across Asia, Africa and the Middle East where we’ve operated for many years and have deep client relationships. It allows us to make a positive impact alongside the Bank’s USD50 million relief and recovery global charitable fund.”
These follow recent financings in markets including Uganda, Kenya, Vietnam and Singapore with more transactions in the pipeline. Deal sizes range from USD 500,000 to more than USD20 million.
Standard Chartered has been part of a number of transactions this year that help the fight against COVID-19, and launched this additional USD1 billion programme to provide financing on a non-profit basis to companies making products and services that help the front line fight the virus and its impacts. Products and services being financed include diagnostic equipment and ventilators, masks and other personal protective equipment, antiviral medicines and conversions into emergency facilities.
For further information please contact:
Piers Townsend
Global Head, Communications – Corporate, Commercial & Institutional Banking
+65 9005 9067