Standard Chartered Bank Kenya on Monday said it has extended over KSh650 million in financing to companies that provide goods and services to help the fight against COVID-19 in Kenya.
The bank provided financing at preferential rates to support the clients with capital expenditure and working capital.
This, it said, has assisted manufacturers and suppliers to get their products to market faster than in normal situations.
Chief executive officer, Kariuki Ngari, said the financing was extended to the various sectors dealing in essential goods and services especially in the health sector.
“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,” Kariuki said in a statement.
“Our financing towards the health sector and specifically private hospitals will go a long way in the purchase of medical equipment supplies such as surgical masks, ventilators, medical equipment gloves, and other personal protective equipment as well as additional staffing during this crisis,” he added.
Since the beginning of the coronavirus pandemic, Standard Chartered has implemented a raft of measures to ensure the safety of their staff, support to their retail and business customers including a 3-month holiday for loan holders, 12-month extension on personal loans and mortgage and a 6 to 12-month credit card payment extension.
Additionally, the bank has restructured loan facilities worth over KShs 22 billion to offer customers relief and donated over KShs 122 million to support vulnerable communities during these challenging times.