Standard Chartered has extended a credit line to Gertrude’s Hospital to assist in the response to the Covid-19 pandemic.
The bank said that Gertrude’s Hospital was one of the companies to complete a draw-down from its global $1 billion (Sh108b) Covis-19 financing commitment, underscoring its ongoing efforts to support local businesses in the pandemic response.
The hospital will receive a credit of Sh200 million to fund its operations in the wake of the disruptive Covid-19 pandemic. According to Robert Nyarango, Gertrude’ s chief executive, the pandemic has put much pressure on hospitals and the loan will provide cash flow to meet needs such as protective equipment for doctors and also pay additional staff.
“The outbreak of the Covid-19 has meant that we now have to spend more to ensure every healthcare worker has appropriate PPE for their protection during this period. We also have had to increase our staffing to ensure that there is an adequate pre-screening process for patient safety and to identify potential Covid-19 cases prior to entrance to the facility. This means additional investments in the necessary equipment and we are grateful to Standard Cratered Bank for extending the credit facility at a competitive rate,” he said.
Birju Sanghrajka, StanChart head of global banking in Kenya and East Africa, said the bank stands to help hospitals and other businesses deal with financial strains that set in after Covid-19 disruptions.
“Coronavirus disease continues to put pressure on healthcare system in the country and many hospitals have had to adjust to this new reality which has also meant that they make additional investments in equipment and consumables. This line of credit will go a long way in helping Gertrude’s provide additional PPE requirements, additional staffing and manage its cash flow,”
The credit attracts a one-off preferential interest rate of 9% as opposed to the monthly rate.