Standard Chartered announced that Jabil Inc, a U.S based global manufacturing services company, has become the latest client to tap Standard Chartered’s USD1 billion financing commitment to help companies tackling COVID-19.
Jabil has seen a significant increase in demand for ventilator and personal protective equipment production amid a global shortage. The USD50 million loan will support increased production in manufacturing facilities across Europe and North America, Malaysia, Singapore and China, using Jabil’s extensive existing supply chains.
Simon Cooper, CEO of Corporate, Commercial & Institutional Banking at Standard Chartered, said: “We have been fortunate to support a wide range of companies with this program, with financing ranging from USD500,000 to this much larger facility. Jabil’s mix of technical skills, production scale and extensive global supply chain means that the ventilators they’re producing will reach the front line across the globe quickly.”
Mark Mondello, CEO of Jabil Inc, said: “We are grateful that Standard Chartered shares our commitment to responding to this global pandemic with speed and scale, and these funds will go a long way toward enhancing our production efforts.”
This drawdown by Jabil follows recent disbursals from the programme in markets including Uganda, Kenya, Sri Lanka, Vietnam, Singapore and China, with more transactions in the pipeline.
Standard Chartered made this USD1 billion commitment to provide financing on a non-profit basis to companies making products and services that help the front line fight the virus and its impacts. The programme requires specific use of proceeds, in this case for the purposes of unlocking the ability to maximise impact and speed of delivery.
Products and services being financed under the programme include diagnostic equipment and ventilators, masks and other personal protective equipment, antiviral medicines and conversions into emergency facilities.