Swiss Financial Institutions Support Critical Populations During Pandemic

It’s indisputable that the coronavirus pandemic has affected everyone, however the impact has not been felt equally; COVID-19 has exposed global inequality. International aid initiatives have become critically important; they aim at complementing official responses to the pandemic by national and international authorities and help bridge the gap in ensuring the resilience of local communities. Three such private initiatives were initiated by Swiss financial institutions alone in 2021.

The Julius Baer Group, for example, has on multiple occasions over the past 18 months donated to organizations supporting people and communities who have been severely affected by the Covid-19 pandemic. The aim of such programs has been to help disadvantaged individuals, families, and children, as well as healthcare workers whose instrumental role in fighting the virus puts them under heavy strain. One of their most recent donations was made in February 2021, when JBG gave CHF 5 million to four organizations - Caritas Schweiz’, ‘Winterhilfe Schweiz, ‘Swiss Nurses Association’ and the ‘Kinderschutz Schweiz’. In June 2021, the bank also donated USD 1.4 million to support critical COVID-19 relief programmes to help Indian households and families severely impacted by the second wave of the pandemic. The donations were equitably distributed to three NGOs: Apnalya, Helpage India and UNICEF India.

Another important contributor to relief programs in Switzerland is the Swiss Re Group. Earlier this year, the Group has pledged to donate CHF 5 million to support the needs of people and communities affected by the COVID-19 pandemic around the world. The Swiss Re Foundation will contribute CHF 1 million to the International Committee of the Red Cross, which is a leading organization in providing humanitarian aid in the world's most vulnerable regions. It will also grant CHF 1 million to Doctors Without Borders, which is assisting local health institutions around the globe in providing patient support and training for medical staff. The remaining CHF 3 million will be allocated to other Swiss Re Foundation partners for relief efforts in response to the pandemic.

Finally, we have UBS Group AG, the world’s largest wealth manager, which is donating $1.5 million to support a range of relief programs in India. The first bulk of the donation will target the immediate supply of oxygen, medical supplies, and medicine to those most in need. It is a well-known fact that the current wave of COVID in India has had a devastating impact across the country and our thoughts are with all who are suffering. Their goal is to support emergency relief for frontline and migrant workers in this region.

Swiss banks are aware of the role they play in the international economic recovery post Covid-19 pandemic. These economic aid and relief programs are crucial for people in disadvantaged situations and their impact cannot be underestimated. There is an opportunity to promote change and solidarity and these three companies have realized that.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes