KUALA LUMPUR, June 23 — Pharmaniaga Bhd is set to boost its vaccine distribution via financing secured through Standard Chartered Malaysia’s US$1 billion (RM4.1 billion) not-for-profit financing commitment to battle Covid-19.

Pharmaniaga group managing director Datuk Zulkarnain Md Eusope said the financing facility would help the pharmaceutical group import and distribute vaccines faster to the people.

"At times like these, we need to leverage on each other’s strengths and resources against one common enemy, the Covid-19 virus,” he said in a joint statement today.

Standard Chartered Malaysia managing director and chief executive officer Abrar A. Anwar said access to funds is crucial to Malaysia’s economic recovery following a crisis of this magnitude.

Announced during the height of the pandemic in early 2020, Standard Chartered’s financing initiative avails funds on a non-profit basis to companies involved in tackling Covid-19. It also covers manufacturers and distributors who are planning to make the switch to produce goods and services that are essential in fighting the pandemic.

"With deep commitment to Malaysia for more than a century, it’s our responsibility to contribute towards supporting the country’s vaccination drive by rising above commercial interests and deploying our Covid-19 funds through our esteemed clients such as Pharmaniaga,” he said.

The additional financing is expected to contribute positively to the Malaysian vaccine rollout by providing more people with access to vaccines as the country pushes towards achieving herd immunity by the end of 2021.

The success of the National Covid-19 Immunisation Programme is seen as key to Malaysia’s economic growth and recovery this year. — Bernama