Standard Chartered announced that Joint Medical Store, the Ugandan not-for-profit organisation, has become the first client to make a drawdown under the Bank’s US$1 billion financing commitment to help companies tackling Covid-19.
JMS’ drawdown for US$2.2m on a loan facility will help them provide healthcare facilities and supply masks, sanitisers and medicines in Uganda. The private NGO, which was established in 1979, is also licensed by the National Drug Authority to engage in the import, export and wholesale of medicines and related health supplies.
Standard Chartered launched the programme on March 30 to provide financing on a not-for-profit basis to companies making products and services that help the front line fight the virus and its impacts. The bank has received a strong response from clients around the world and there are a number of disbursals nearing fruition.