Standard Chartered Bank Kenya, issues US$3mn funding to Devki Group
Standard Chartered Bank Kenya, a subsidiary of the British multinational financial conglomerate Standard Chartered headquartered in London, has just issued US$3 million funding to Devki Group which is the bank’s Covid-19 financing initiative to support companies and communities during Covid-19 recovery.
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Devki utilized part of the financing to supply oxygen cylinders to hospitals across the country which are serving individuals affected by the Covid-19.
“This financing enabled us to fund a noble cause by supplying free oxygen cylinders to both public and private hospitals across the country. We chose oxygen cylinders because we saw that many hospitals were in dire need of oxygen used to facilitate treatment for Covid-19 patients.” Devki Group Chairman Narendra Raval, stated.
Standard Chartered Bank Kenya Head of Corporate, Commercial and Institutional Banking, Birju Sanghrajka, said, “We are glad to see that the financing provided by the bank has enabled Devki to respond to a critical need for oxygen in our medical facilities. We are committed to a continued partnership with the Devki Group and will utilize our resources to ensure cost-effective financing to assist with the production of critical resources such as oxygen cylinders.’’
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Standard Chartered has since March 2020, put in place comprehensive support programs for its clients and the public, including US$1 billion of financing for companies that provide goods and services to help the fight against Covid-19.
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The tier-one lender has disbursed US$6 million in financing at preferential rates to companies to help address the Covid-19 pandemic in Kenya, US$137,000 to KipKeino Foundation to offer relief to athletes as well as US$1million to Red Cross and UNICEF, and a further US$182,000 to Kenya Community Development Foundation (KCDF) as part of the bank’s relief efforts.
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