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UBS donates Rs 11.07Cr to support COVID-19 relief measures in India

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Swiss bank UBS Group AG announced a contribution of Rs 11.07 crore to support COVID-19 distress and long-term relief programmes in India.

The first tranche of the donation will cover the urgent supply of oxygen, medical supplies, and medicine, the bank said in a statement.

In the initial phase, UBS stated it would partner with Swasti, a Bangalore-based NGO that creates and delivers health and well-being solutions across the country.

In stage two, UBS will support COVAX on education programmes and assuring the fair acquisition and distribution of vaccines.

In the third phase, UBS will tie up with some of its existing partners in India to help develop resilience in local communities and promote mental well-being, it added.

Edmund Koh, President of UBS Asia Pacific and member of the Group Executive Board, said: “As was the case last year, when we donated $1 million to support emergency relief for frontline and migrant workers, UBS is seeking to help alleviate the suffering in the worst affected regions.”

The donation is made from the UBS Optimus Foundation that seeks social impact in several ways from conventional charitable giving to sustainable investing.

In another development, American banking major Citibank on Wednesday pledged an additional Rs 200 crore to help COVID-19 relief measures in the country.

The Rs 200 crore amount will be spent over the next three financial years, and an amount of Rs 75 crore will be allotted towards urgent medical and humanitarian needs, an official statement said.

India has been enduring a shortage of oxygen, medical equipment, and other health infrastructure amid a sharp increase in Covid cases and several MNCs have rushed with the required support.

Citi said the immediate support of Rs 75 crore will be used for procurement of oxygen supplies, adding beds to hospitals, diagnostic testing systems, PPE kits, and other supplies for India’s frontline healthcare workers.

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