Mastercard to Donate $10 Million to Address India’s Covid Crisis
27 April 2021 - 2:32PM
Business Wire
Focus on Immediate Medical Needs, Including
Mobile Hospitals and Oxygen Generators
Mastercard today announced a US$10 million (approximately 75
crore rupees) commitment to directly address critical Covid-related
needs in India. Over the past few weeks, the country has seen a
spike in both Covid diagnoses and deaths, with the healthcare
system being stretched to its limits as more than 350,000 new cases
are identified each day.
The philanthropic efforts, delivered through the Mastercard
Impact Fund, will focus on three priority areas – access to
hospital resources, access to additional oxygen supplies and
continued support of the company’s employees across the
country.
The largest contribution will be designated to support the
expansion of 2,000 beds through the installation of portable
hospitals that can address the immediate healthcare needs. Working
with the government and local partners on the ground, these
hospitals can be constructed quickly and could help an estimated
2.5 million Indians gain access to healthcare, adding to the
nation’s healthcare infrastructure.
“The situation in India is gut-wrenching; it’s clear that no one
has been left untouched and that no one can be a bystander,” said
Ajay Banga, executive chairman of Mastercard. “We have long been
advocates for the people of India, as employers and as enablers of
the economy. Now it’s time for us to put our shoulders to the wheel
and do whatever we can to help all of India get through this
intensified crisis.”
In addition to the on-the-ground medical support, Mastercard is
also allocating funding for additional shipments of 1,000 oxygen
generators, as part of a broader corporate effort. And the company
is donating to local charities and NGOs to allow for direct support
of those affected by the virus, including the frontline medical
workers across the country.
“The U.S. and India have a shared history of helping each other
during times of crisis,” said Richard Verma, general counsel at
Mastercard and former U.S. ambassador to India. “We’re hearing from
our own teams the challenges that they and their families are
facing. It’s critical that we stand by our friends and help those
who have been impacted. Our commitment today and into the future is
strong and enduring.”
Prof. K. VijayRaghavan, Principal Scientific Adviser to
Government of India added, "The steep rise of Covid-19 cases poses
an enormous challenge to clinical care facilities. Revamping
existing hospital infrastructure by increasing the number of beds
to accommodate more patients requiring critical care and procuring
more equipment to enhance oxygenation for patients, is of utmost
priority. We are grateful to the industry for their support to aid
various State Governments’ critical care systems to boost their
response to Covid-19. Mastercard and office of the Principal
Scientific Adviser to Government of India have joined hands to
provide 2,000 beds and purchase oxygen concentrators for hospitals
in states that have been affected the most. There have been many
such partnerships, many more such needed in the coming days. We
hope to speedily facilitate them where there is most need.”
Extended Support for Employees, Partners
Mastercard has already committed to cover all vaccine-related
costs for its India-based employees and immediate families, as
doses are available. To help extend these efforts – and provide
another outlet for its employees across the globe to help each
other – Mastercard will also match employee donations to its
Employee Assistance Fund, up to $15,000 per individual. This comes
on top of a $500,000 corporate contribution to the fund.
The company will continue to explore other opportunities to
activate partnerships in India and across the global community –
from the U.S.-India Strategic Partnership Forum and U.S.-India
Business Council to the Business Roundtable and the American India
Foundation – to support these efforts.
About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
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version on businesswire.com: https://www.businesswire.com/news/home/20210426005971/en/
Seth Eisen, seth.eisen@mastercard.com, 914-249-3153
MasterCard (NYSE:MA)
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