‘How StanChart’s $50m donation will be distributed’

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.

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