Recently, Mastercard announced that the company will be donating $10 Million (approximately ₹75 Crore) in order to address the critical COVID-related needs in India. The payments and technology company has already committed to cover all vaccine-related costs for its India-based employees and immediate families, as doses are available.
The initiative has been delivered through the Mastercard Impact Fund and 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.
According to its official blog post, 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. It stated, “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.”
Ajay Banga, executive chairman of Mastercard said, “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.” “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,” Banga added.
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.
Commenting on the same, Richard Verma, general counsel at Mastercard and former U.S. ambassador to India stated, “The U.S. and India have a shared history of helping each other during times of crisis. 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.”
It has also been mentioned that in order 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.
