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Kenya

Stanchart gives Sh329mn to Devki as part of its COVID-19 financing initiative

NAIROBI, Kenya, Mar 29-Standard Chartered Bank has allocated Sh 329 million funding to Devki Group which is the bank’s COVID Financing initiative to support companies and communities during COVID-19 recovery.

Devki utilized part of the financing to supply oxygen cylinders to hospitals across the country which are serving individuals affected by the Covid-19.

Some of the hospitals which have benefitted from the cylinders include Ruiru Hospital, Thika Hospital and Kiambu Hospital among others.

Devki Group Chairman Narendra Raval, said, ‘’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.”

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 continuous 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.’’

Standard Chartered has since March 2020, put in place comprehensive support programmes 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, Sh650 million in financing at preferential rates to companies to help address the COVID-19 pandemic in Kenya, Sh15 million to KipKeino Foundation to offer relief to athletes as well as Sh120 million to Red cross and UNICEF and a further 20 million to KCDF as part of the bank’s relief efforts.

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