Standard Chartered has launched a $50m global fund to support those who are affected by the coronavirus (Covid-19) pandemic.

Of the $50m, the bank will immediately donate $25m to provide emergency relief in the most affected markets.

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The remaining $25m will be spent on helping communities recover from the economic impact of the virus, over the medium term, the bank said.

The latest Covid-19 assistance fund has been launched to match the donations made by the bank’s employees and other donors who raised a total of $50m.

Apart from the latest support fund, the board and management team members of the bank will also be making personal contributions to the fund.

Standard Chartered has already donated $1.85m for Covid-19 relief measures, through the individual country and regional efforts.

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In its press release, the bank said it will announce more details about the $50m fund in the coming days.

Apart from donations, the group has launched several initiatives to protect its customers, clients and its 84,000 employees around the world.

Recently, Standard Chartered committed $1bn in financing companies that provide goods and services to help the fight against Covid-19.

The bank is financing service providers and companies manufacturing ventilators, masks, protective equipment, sanitizers, and other consumables.

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

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