Standard Chartered, as part of its COVID-19 financing initiative, has allocated Ksh. 329 million ($3 million) funding to Devki Group. The funding is part of the Ksh. 109.7 billion ($1 billion) Standard Chartered COVID Financing initiative to support companies and communities during COVID-19 recovery.
Devki Group used part of the financing to supply oxygen cylinders to hospitals across the country to serve individuals affected by the COVID-19 pandemic. Some of the hospitals which have benefitted from the cylinders include Ruiru Hospital, Thika Level 5 Hospital, Kiambu Level 5 Hospital, among others.
Speaking on the funding, Dr. Narendra Raval, Devki Group Chairman said, “This financing enabled us to fund a noble cause by supplying free oxygen cylinders to both public and private hospitals across the country. We chose oxygen cylinders because we saw that many hospitals were in dire need of oxygen used to facilitate treatment for COVID-19 patients. Our plants in Mombasa, Ruiru and Athi river remain open to hospitals and clinics who need free oxygen.”
Commenting on the financing, Birju Sanghrajka, Standard Chartered Bank Kenya Head of Corporate, Commercial and Institutional Banking said, “We are glad to see that the financing provided by the bank has enabled Devki to respond to a critical need for oxygen in our medical facilities. We are committed to a continuous partnership with the Devki Group and will utilize our resources to ensure cost effective financing to assist with the production of critical resources such as oxygen cylinders.”
Since March 2020, Standard Chartered put in place comprehensive support programmes for its clients and the public. This includes Ksh. 650 million in financing at preferential rates to companies to help address the COVID-19 pandemic in Kenya, Ksh. 15 million to KipKeino Foundation to offer relief to athletes as well as Ksh. 120 million to Red cross and UNICEF.