London-based Standard Chartered’s first disbursal in the Middle East marked the latest in a series of transactions across Asia, Africa and the Middle East under the bank’s US$1 billion financing commitment to help companies tackling Covid-19.

The disbursal to Kavalani & Sons, the Bahrain-based importer/distributor of marine, contracting and safety equipment, will finance the procurement of personal protective equipment (PPE) and critical care equipment for hospitals.

Last week, the bank also extended a loan to Sri Lanka-based MAS Intimates to facilitate the purchase of raw materials for the production of surgical face masks for the US market, and to Kasapreko Company, the Ghanaian beverage manufacturer that will produce hand sanitisers and alcohol handrubs.

 “We’re very pleased that this initiative is helping equipment and services get to the frontline in markets across Asia, Africa, and the Middle East where we’ve operated for many years and have deep client relationships,” says Simon Cooper, Standard Chartered’s CEO of corporate and institutional banking. “It allows us to make a positive impact alongside the bank’s US$50 million relief and recovery global charitable fund.”   

These disbursals follow recent financings in the markets of various countries, including Uganda, Kenya, Vietnam and Singapore, with more in the pipeline. Deal sizes range from US$500,000 to more than US$20 million. 

Standard Chartered has been part of a number of transactions this year that help the fight against Covid-19, and it launched this additional US$1 billion programme to provide financing on a non-profit basis to companies making products and services that help the frontline fight the virus and its impacts. Products and services being financed include diagnostic equipment and ventilators, masks and other personal protective equipment, antiviral medicines, and conversions into emergency facilities.