Standard Chartered extends over KShs 650 million in financing at preferential rates to companies to help address COVID-19 pandemic in Kenya

Standard Chartered Bank Kenya has extended over KShs 650 million in financing to companies that provide goods and services to help the fight against COVID-19 in Kenya. The funds have enabled a number of these companies switch their production lines to making products that are in high demand to fight the global pandemic.

The bank provided the financing at preferential rates to support the clients with capital expenditure and working capital requirements. This has assisted manufacturers and suppliers to get their products to market faster than would in normal situations.

Commenting during the announcement of the financing, Standard Chartered Bank Kenya Chief Executive Officer, Mr. Kariuki Ngari, said the financing was extended to the various sectors associated with helping to tackle COVID-19, including manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output – goods in scope include ventilators, face masks, protective equipment, sanitisers and other consumables.

“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.

“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.

All financing was subject to companies having received regulatory approvals to manufacture the essential goods.

Since the beginning of the pandemic, Standard Chartered has implemented a raft of measures to ensure 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.

The bank will continue to serve all its clients during this challenging period from Individuals, small businesses to large multinationals.