Co-op Bank donates US$0.94m to Covid-19 Emergency Response Fund

KENYA – Co-operative Bank of Kenya has donated KSh100 million (US$0.94m) to the private sector-led Covid-19 Emergency Response Fund that was set up recently to gather resources for fighting the spread and impact of the virus.

The lender’s managing director Gideon Muriuki said the cash contribution is in recognition of the need by corporates and individuals to put resources together to source for critical medical supplies and equipment such as ventilators. This is the first corporate financial institution to act towards fighting Covid-19 in Kenya.

“This is a critical moment for our country, the board of directors and staff of Co-op Bank is honoured to support with a key cash contribution of KSh100 million (US$0.94m), preferably to be allocated towards purchase of critical ventilators,” said Mr Muriuki.

“We appeal to other corporate institutions and Kenyans of goodwill to join hands and support this most worth once-in-a-generation fight.”

Co-op’s cash contribution adds to the expected receipts from individual Kenyans, local corporates, multinational companies and development partners.

While making the announcement, Mr Muriuki encouraged other corporate institutions and individuals to join hands and help combat the Covid-19 that has infected over 140 people in Kenya.

Co-op bank now joins a couple of people and institutions that have contributed towards the fight against the covid-19 crisis.

The Bank also encourages people to avoid the use of banknotes and coins and resort to the use of cashless transactions as a way of containing the spread of the virus through physical objects.

On March 31, President Uhuru Kenyatta directed the National Treasury to set up the COVID-19 Emergency Response Fund which would be used to mobilize resources for emergency response towards containing the spread, effects and impact of the COVID-19 Pandemic.

The seed capital of the Fund would be drawn from the Exchequer, including the voluntary salary-cuts undertaken by the senior ranks of the Executive, Judiciary, Legislature and County Governments.