MAS Intimates (Pvt) Ltd., a division of MAS Holdings, became the first company in South Asia to complete a drawdown under Standard Chartered 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.
In March 2020, the Bank recorded 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.
CEO of Standard Chartered Sri Lanka, Bingumal Thewarathanthri said, “This is an unprecedented time for all businesses and is a true test of the strength of partnerships. Standard Chartered is committed to support our clients as their trusted partner in this time of need.” CEO of MAS Intimates (Pvt) Ltd., Rajiv Dharmendra said, “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.”