The British Bank has launched a charity foundation to help deal with the medical and economic crisis caused by coronavirus (COVID-19) and in preparing for the recovery in its aftermath.
The Barclays Foundation will initially provide a COVID-19 Community Aid Package of £100 million to charities working to support vulnerable people impacted by COVID-19, and to alleviate the associated social and economic hardship caused by the crisis.
The package is made up of two components:
Component 1 – Charity Partners Programme
- A £50 million fund that will be disbursed principally in the UK, but also in Barclays’ international markets, including the USA and India.
- Funding deployed via partnerships with trusted charities who can have a direct and immediate impact on the communities Barclays wishes to help in those geographies.
- Funding to be targeted at programmes as local to Barclays major locations as possible – the places where Barclays colleagues live and work, and where they can potentially help directly.
The money will be used to help disadvantaged people (those suffering from social and economic deprivation as a consequence of COVID-19), the elderly and vulnerable communities most at risk from COVID-19, and to support NHS staff and other keyworker communities.
Component 2 – Employee Matched Donations Programme
- A £50 million commitment. Barclays will match an individual colleague’s donations to charities working to support vulnerable people impacted by COVID-19, and in alleviating the associated social and economic hardship caused by the crisis.
- A colleague may select a charity of his or her choice for their donation and matching programme, provided the charity is officially registered, and is engaged in supporting communities impacted by COVID-19.
- Un-utilised corporate funds (any balance of the £50 million) at the end of 12 months would be deployed to the Charity Partners Programme so that Barclays meets its overall public commitment of a £100 million contribution to COVID-19 Community Aid.
Barclays has promised to set out further programmes to assist businesses and households in the coming days and weeks.
The full announcement is available on Barclays website