Brandix benefits from StanChart's COVID-19 commitment

17 Jul '20

2 min read

Pic: Shutterstock

Standard Chartered Sri Lanka recently announced Brandix is the second firm to complete a drawdown from its global $1-billion COVID-19 financing commitment, underscoring its efforts to support local businesses. Its extension of $12 million funding will assist the production switch to personal protective equipment (PPE) across Brandix’s plants in Sri Lanka and India.

The bank also supported Brandix with a factor-based receivable financing solution to support the full working capital requirement, according to a Standard Chartered press release.

“Standard Chartered has a global commitment to contribute locally to combat COVID-19 at a time when our clients need our support more than ever. Besides joining in the global pandemic fight, we are also committed to help businesses get through this tough period. Our financing support for Brandix does just that and together we can overcome this pandemic and bounce back stronger,” Bingumal Thewarathanthri, chief executive officer of Standard Chartered Sri Lanka, said.

Standard Chartered set up the global financing commitment to extend not-for-profit financing to companies that provide goods and services to help combat the pandemic.

It has also supported businesses in Hong Kong, Uganda, and most recently in Bahrain, Vietnam and Malaysia through its $1-billion financing commitment.

Brandix operates apparel manufacturing units in Sri Lanka, India, Bangladesh, Haiti and Cambodia.

Fibre2Fashion News Desk (DS)

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