Standard Chartered Sri Lanka finances PPE export production
ECONOMYNEXT – Standard Chartered Sri Lanka said it had financed personal protective equipment manufacture for export at Sri Lanka’s Dipped Products, Haycarb and Midas Safety taking the total credit so far for Covid-19 related production to 45 million US dollars.
Standard Chartered Sri Lanka had given 5.5 million US dollars to Midas Safety Sri Lanka to help them ramp up production of medical gloves.
Publicly traded Dipped Products Plc, a unit of Hayleys Plc was given a 3.6 million dollar credit to finance gloves for export to the US and EU.
Haycarb Plc, another Hayleys unit making charcoal-based activated carbon for purification has expanded its warehouse and production capacity of masks with a 1.5 million dollar credit from Standard Chartered.
Standard Chartered Sri Lanka said it had disbursed 45 million dollars from a billion-dollar Covid-19 targeted fund set up
“Access to funds is a key factor in business recovery following a crisis of this magnitude,” Bingumal Thewarathanthri, CEO, Standard Chartered Sri Lanka said.
“At Standard Chartered, our focus has been on supporting our long-standing and new partners to recover fully, and to contribute to the fight against the pandemic.
“Sri Lanka was the first South Asian market where we extended a facility from the USD1 billion financing commitment…”
In June and July, 2020 Standard Chartered financed apparel manufacturers, MAS Intimates and Brandix from its concessional fund to produce PPE for export to the US.
“We will continue to work with our clients and extend financing support to help their businesses recover from this challenging period,” Tamani Dias, Head, Local & International Corporates, Standard Chartered Sri Lanka.
Sri Lanka, which effectively controlled Coronavirus up to October 2020, saw a steep recovery in exports up to September. (Colombo/Dec03/2020-sb)