By Collins Nweze
Standard Chartered Plc (StanChart) has explained how the Group will provide assistance for communities across its 59 markets via the $50 million Covid-19 global charitable fund. The fund will operate in two components.
Under its Phase One covering relief for communities by July, the Group will provide $25 million of funding for relief from the impact of Covid-19, with funding commitments made by July.
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 with a target to deliver projects by the end of next year. Part of the cash will be donated by Standard Chartered’s employees via a month-long giving campaign commencing on April 27.