Standard Chartered has committed $1bn in financing for companies that provide goods and services to help the fight against coronavirus (Covid-19).

The bank intends to finance the service providers and companies manufacturing ventilators, masks, protective equipment, sanitizers, and other consumables.

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These companies include manufacturers and distributors in the pharmaceutical industry, healthcare providers and non-medical companies.

Standard Chartered corporate, commercial and institutional banking CEO Simon Cooper said: “Clearly there’s a cost for companies to switch into these hugely in-demand items, so it’s an area where we can help them get up and running more quickly.

“At the same time, we want to make sure that existing manufacturers and service providers get the support they need.”

The bank will provide the financing in the form of loans at preferential rates, import/export finance or the working capital facilities that they use for day-to-day business operations.

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The financing will also be made available to companies that have switched into making high demand products to tackle the pandemic.

The bank noted that it is currently identifying such companies that have decided to start manufacturing anti-virus products.

Cooper added: “Our industry teams are looking across our client base and, given our understanding of clients’ current manufacturing processes; we’re assessing which companies might want to consider adding these items to their production line.”

The financing is subject to the receipt of regulatory approvals to manufacture the goods.