BlackRock, the world’s largest asset manager, on Monday committed $50 million to relief efforts as the coronavirus pandemic leads to job losses and unexpected medical costs.
“We are committing $50 million to relief efforts, helping meet immediate needs of those most affected right now and by addressing the financial hardship and social dislocation that this pandemic will bring,” the company said in a statement.
Blackrock said a first tranche of $18 million in funding has been deployed to food banks and community organizations across America and Europe working directly with vulnerable populations.
BlackRock’s commitment includes plans to support various global charitable initiatives aimed at helping those impacted by the ongoing coronavirus pandemic, including $5 million to Feeding America, $2 million to the UK’s National Emergencies Trust, and $500,000 to the Global FoodBanking Network, «which will serve as our partner in meeting ongoing needs in Asia and the emerging crisis in Latin America.»
Furthermore, BlackRock is supporting its employees’ efforts and has said it will match employee contributions to local organisations addressing the crisis in their communities.
“COVID-19 is a stark test to companies everywhere. BlackRock Is working hard to support all of our people through this crisis,” the firm said. “There’s no doubt that there is much uncertainty ahead as we continue to address this fast-moving global challenge, an effort that we believe will require unparalleled global cooperation… We’ll keep all our stakeholders informed of what we learn as we tackle this crisis together.”