Friday 13 Rabi' I 1442 - 30 October 2020
    
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Eye of Riyadh
Eye of Riyadh
Business & Money | Thursday 14 May, 2020 4:14 am |
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The Visa Foundation Announces Grantee to Support COVID-19 Recovery in Central Europe, Middle East and Africa

The Visa Foundation today announced its approval of a $1.6 million COVID-19 relief grant to the Red Cross to support their COVID-19 recovery programs across Central and Eastern Europe, Middle East and Africa. The Red Cross is supporting the frontline response to the pandemic and providing critical services for vulnerable communities through public health and disaster relief services.

 

This grant is part of the Visa Foundation’s previously announced $210 million global commitment, with $10 million in COVID-19 relief focused on the emergency needs announced this week for organizations worldwide and another $200 million to address longer-term needs of the small and micro business community over the next five years. Globally, the Visa Foundation is providing $4.3 million in funding to support the Red Cross’ COVID-19 programs. 

 

“Societies around the world have faced unprecedented challenges as a result of the COVID-19 pandemic, with the outbreak placing immense strain on public health providers and other essential services,” said Andrew Torre, Regional President CEMEA, Visa. “We are incredibly grateful and inspired by the tireless work of all humanitarian organizations at this time, and are pleased the Visa Foundation grants will support the ongoing efforts of the Red Cross.”

 

Across the CEMEA region, COVID-19 has placed additional challenges on communities, with many already suffering the effects of poverty, insecurity, conflict or climate change. The grant to the Red Cross aims to provide much needed support to continue providing vital services across the region.

 

“We’re grateful for the amazing work humanitarian assistance organizations are providing to communities around the world affected by the COVID-19 pandemic, “said Graham MacMillan, president of the Visa Foundation. “The Visa Foundation is proud to offer these grants to support these organizations’ mission-critical work during these perilous times.”

 

The forthcoming 5-year $200 million program will support small and micro businesses, with a focus on fostering women’s economic advancement, both of which will be critical to long-term economic recovery from the COVID-19 pandemic. This commitment expands the Visa Foundation’s long-standing support for small and micro businesses globally. Additional information on the Foundation’s grant and investment strategy will be shared in the coming months.

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