Standard Chartered Plc (StanChart) has announced further details on how the Group will provide both short-term relief, and longer-term assistance, for communities across its 59 markets via the recently launched $50 million Covid-19 global charitable fund. The fund will operate in two distinct components.
Under its Phase 1 covering immediate relief for communities by July 2020, the Group will provide $25 million of funding for immediate relief from the impact of Covid-19, with all funding commitments made by July 2020.
For the Phase two which aims at supporting economic recovery and protecting livelihoods, the Group will provide $25 million of funding to protect employment and educational opportunities, aiding the long-term recovery of communities impacted by Covid-19.
Funding will begin in August 2020 with a target to deliver projects by the end of 2021. Part of the $25 million will be donated directly by Standard Chartered’s employees via a month-long giving campaign commencing on 27 April.
