Standard Chartered supports MAS Intimates’ combat against COVID-19
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Picture shows a MAS Intimates facility producing face masks for export.
Standard Chartered on Wednesday announced that MAS Intimates (Pvt) Ltd, a division of MAS Holdings, became the first company in South Asia to complete a drawdown under the bank’s US$1 billion COVID-19 financing commitment.
The bank extended a $11 million loan to Sri Lanka-based MAS Intimates to facilitate the purchase of raw materials for the production of surgical face masks for the US market.
In a media release, the bank said that it announced in March 2020 its commitment to provide not-for-profit financing to companies that provide goods and services to help the global fight against COVID-19.
Companies within the scope of this financing commitment include manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that offer products including ventilators, face masks, protective equipment, sanitisers, and other consumables.
Bingumal Thewarathanthri, CEO of Standard Chartered Sri Lanka said, “This is an unprecedented time for all businesses and is a true test of the strength of partnerships. In line with our brand promise of ‘Here for good’, Standard Chartered is committed to support our clients as their trusted partner in this time of need. The $1 billion global financing commitment is one such way that fulfils the bank’s promise. We are pleased to extend the financing facility to MAS Intimates to support their fight against COVID-19.”
“MAS Intimates has distinguished itself through its agility and ability to innovate. Despite the circumstances, we rose to the occasion and switched gears to focus on producing PPE to contribute to the national fight against COVID-19. We then leveraged our expertise and prepared to export protective products to our global customers. The apparel industry is heavily affected by the pandemic and the recovery will be slow. The loan extension from Standard Chartered, which has always been a supportive partner, comes at a crucial time for our business as we work towards that recovery,” said Rajiv Dharmendra, CEO of MAS Intimates (Pvt) Ltd.