HSBC has committed $25m in charitable donations to help affected people recover from the deadly coronavirus (Covid-19) outbreak.

The latest donation is in response to medical services in several countries being under huge pressure due to the Covid-19 crisis.

Through this aid, the bank intends to support the international medical response, protect vulnerable people and ensure food security globally.

Of this figure, $15m will be made available immediately, with the remaining $10m set aside for long-term COVID-19 commitments.

HSBC’s initial $15m donation

HSBC has immediately made available an initial $15m donation with the remaining $10 set aside for medium to long-term Covid-19 commitments.

Of the $15m, the bank has committed $1.75m to relief efforts in mainland China and India.

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This adds to the donations made through long-standing philanthropic partnerships in Hong Kong and across Asia

The bank has given $2m to global charities coordinating the international response.

The remaining amount will go to key locations around the world where the donation can make the maximum difference.

For instance, HSBC UK recently made £1m donation to National Emergencies Trust Coronavirus Appeal and British Red Cross to help people impacted by the virus.

HSBC sustainable finance global head Daniel Klier said: “The COVID-19 challenge is a marathon, not a sprint.

“There will be no quick fixes or easy wins. We hope these donations can help make a difference to the people and societies we serve, now and in the future.”

In China and the US, the bank is engaging its clients with the suppliers of Covid-19 test kits and other medical equipment with logistics firms and national health authorities.

Last week, Bank of America also donated $100m and Washington Trust Bank announced Covid-19 measures.