Standard Chartered announced on August 24 that the Garment 10 Corporation JSC (Garco 10) has become the latest to benefit from its global financing commitment of US$1 billion to help fight COVID-19.

Workers of Garco 10 produce cloth face masks 

The bank will provide the garment maker with a loan of up to VND100 billion (US$4.3 million) to fund the production of medical and cloth face masks to help meet demand for personal protective equipment.

CEO of Standard Chartered Bank Vietnam Nirukt Sapru said the bank pledges to make unceasing efforts to help in the coronavirus fight, adding that the loan to Garco 10 reaffirms its commitment to supporting domestic businesses in this regard.

Garco 10 General Director Than Duc Viet said that given the unprecedented health challenges caused by the pandemic, high-quality personal protective equipment plays an important role in guarding people’s health and safety.

The company is helping to meet the urgent need around the world for personal protective gear, and the Standard Chartered loan will help with the production of cloth and medical face masks, he noted.

In March, Standard Chartered launched a financial package with preferential interest rates to support suppliers of key products and services in the COVID-19 battle, including producers and distributors of medicine and healthcare, along with non-healthcare companies that manufacture ventilators, face masks, protective equipment, disinfectants, and anti-pandemic consumer goods. Those in other sectors but planning to make products to help fight COVID-19 can also benefit from the package.