By Shamim Nateebwa
Standard Chartered has announced the Joint Medical Store, as the first client to make a drawdown under the Bank’s US$1 billion financing commitment to help companies tackling with COVID-19.
The Joint Medical Stores drawdown for US$2.2m on a loan facility will help them provide healthcare facilities, supply masks, sanitizers and medicines in Uganda.
According to Simon Cooper, Chief Executive Officer Corporate and Institutional Banking, the move is to help get much-needed products and services to the front line.
Standard Chartered launched the programme on March 30th 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 since received a positive response from clients around the world and there are a number of disbursals nearing fruition.
Bildard Baguma, Executive Director, Joint Medical Stores says the Covid- 19 pandemic has increased the urgency for provision for medical supplies in the country, now with the USD2.2m facility provided by Standard Chartered, it will enable them to provide the front-line Health workers with high-quality Personal Protective Equipment which is integral in maintaining health and safety during the pandemic.