Joint Medical Stores gets UGX 8.4b Stanchart loan to stock up medicines, gear

Kampala, Uganda | THE INDEPENDENT | Joint Medical Stores (JMS) has received 8.4 billion Shillings (USD 2.2m) from Standard Chartered Bank Group to stock up medical materials that can be used during the coronavirus pandemic.

The loan according to Stanchart is a drawdown from the USD 1 billion (3.8 trillion Shillings) put aside in March 2020 for companies globally that provide goods and services to help the fight against COVID-19. It also targets those planning the switch into making products that are in high demand to fight the global pandemic, the bank said.

In a statement released yesterday, Stanchart says it expects that the loan will help the Joint Medical Stores to provide healthcare facilities and supply masks, sanitizers and medicines in Uganda. JMS is the first organization to benefit from the facility.

Dr Baguma Bildard, the JMS executive director told URN that they have had demand for medicines and medical materials to use during this period skyrocket necessitating them to stock more. Joint Medical Stores a non-profit NGO that engages in imports, export and wholesale of medicines and supplies government, NGOs, pharmacies, and private hospitals.

Both the bank and JMS said the interest rate of the loan was confidential. Baguma, however told us it was below the market price. The repayment details have also not been revealed.

Baguma added in a statement that COVID-19 has disrupted and stressed the supply chain and suppliers cannot keep the previously long-term credit arrangements and meet increased demand. “The facility will go a long way in enabling us to meet the high and urgent demand for PPE,” he added.

Simon Cooper, the Chief Executive Institutional Banking at Standard Chartered, said, “Africa is a very important part of our group strategy, we’re able to use our network there to make an impact in the fight against Covid-19.”

Standard Chartered bank says it has received a strong response from clients around the world and there are a number of disbursals nearing fruition.

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URN