gossip lanka

Standard Chartered Sri Lanka supports MAS Intimates’ combat against COVID-19

Standard Chartered announced today that MAS Intimates (Pvt) Ltd., a division of MAS Holdings, has become the first company in South Asia to complete a drawdown under the Bank’s USD1 billion COVID-19 financing commitment.

The Bank extended a USD11 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.

The Bank 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. Organisations that are planning the switch into making products that are in high demand to combat the pandemic are also eligible to apply for the programme. 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 USD1 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.”