SINGAPORE - Standard Chartered on Monday said it will set aside US$1 billion to finance companies that are providing goods and services to tackle the Covid-19 outbreak.
The bank that derives about two-thirds of its total operating income from Asia intends to offer financing at preferential rates to these companies. The financing will come in the form of loans, import finance, export finance, or working capital facilities to help these firms tool up, and get their products to market.
The bank said it is also trying to identify companies that may switch into, or add, anti-virus products to their output but have not indicated that they will do so.
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