This archive report was first published on 22 June 2020.
On June 22, 2020, Standard Chartered Bank Kenya announced a significant financing initiative to support companies fighting the COVID-19 pandemic in Kenya.
The bank has extended over KShs 650 million in financing to companies that provide goods and services to aid in the fight against the pandemic.
At preferential rates, the bank provided the financing to support clients with capital expenditure and working capital requirements.
This financing has enabled companies to switch their production lines to making products in high demand to combat the pandemic, allowing manufacturers and suppliers to get their products to market faster.
Standard Chartered Bank Kenya Chief Executive Officer, Mr. Kariuki Ngari, commented on the financing, stating that it was extended to various sectors associated with helping to tackle COVID-19, including manufacturers and distributors in the pharmaceutical industry and healthcare providers.
"We are going above and beyond only financing companies that provide goods and services to help the fight against COVID-19, to those planning to switch into making products that aid in the fight against COVID-19 pandemic, and also financing the health sector to ensure adequate treatment and care for patients," Mr. Kariuki noted.
He added that the bank's financing towards the health sector and private hospitals would go a long way in purchasing medical equipment supplies and additional staffing during the crisis.
Since the beginning of the pandemic, Standard Chartered has implemented various measures to ensure the safety of their staff and support their retail and business customers, including a 3-month holiday for loan holders and a 12-month extension on personal loans and mortgage.
