HSBC announces USD25 million<br> COVID-19 donation fund
Expanded donation fund will go to COVID-19 relief and recovery efforts around the world.
Throughout its 155-year history, HSBC has helped clients across the world manage almost every conceivable up and down. Few of us, however, could have foreseen the challenges presented by COVID-19.
Medical services in dozens of countries are under enormous pressure, entire economies are in stasis, and hundreds of millions of lives have been upended. This is a crisis that requires a response from every part of society.
That is why, alongside doing everything it can for its customers, HSBC is providing USD25 million in charitable donations to support the international medical response, protect vulnerable people and ensure food security around the world.
Of this figure, USD15 million will be made available immediately, with the remaining USD10 million set aside for long-term COVID-19 commitments.
The initial USD15 million of funding is already being put to good use.
- We have committed USD1.75 million to relief efforts in mainland China and India, in addition to donations made through long-standing philanthropic partnerships in Hong Kong and across Asia
- Of the remaining USD13.25 million, a USD2 million donation will be made to global charities coordinating the international response
- The rest will go to key locations around the world where the greatest difference can be made on the ground. For instance, we have made a GBP1 million donation to the National Emergencies Trust and the British Red Cross appeal in the UK. Where possible, funding decisions will be made by colleagues locally who know their markets best
Daniel Klier, Global Head of Sustainable Finance, HSBC, said: “The COVID-19 challenge is a marathon, not a sprint. There will be no quick fixes, or easy wins. We hope these donations can help make a difference to the people and societies we serve, now and in the future.”
We are engaging our client base to connect suppliers of COVID-19 diagnostic kits and other items of medical equipment with logistics firms and national health authorities in mainland China, the US, and elsewhere across the world. For instance, our commercial bank staff worked with one medical supplier to provide hand sanitiser free of charge to a hospital in the UK.
Back in February, we mobilised our global network to funnel additional medical supplies to hospitals in Hubei province and other parts of China. We have also participated in the issuance of the world’s first COVID-19 bonds in Macau and South Korea, the proceeds of which are tied directly to pandemic relief efforts.
Over the medium to longer-term, we will look at how the additional USD10 million, and our wider philanthropic budget, can be best used to address the most pressing issues society faces, including the need for a swift recovery and ongoing support to the most vulnerable in our community.