Goldman Sachs commits $10mn to support India’s fight against COVID

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Mumbai: The Goldman Sachs Group, Inc. on Thursday announced an additional $10 million (Rs 74 crore) commitment to support relief and recovery efforts in India, as the country experiences a surge in COVID-19 cases and deaths.

“Since the onset of the pandemic, our firm has been focused on how we can help communities around the world, including those where we live and work,” said David M. Solomon, Chairman and Chief Executive Officer.

“India is home to three Goldman Sachs offices and we have a responsibility to respond and provide our firm’s support and assistance.”

The additional funding for India will focus on support for frontline health facilities that are leading the fight against COVID-19 in cities such as Bengaluru, Hyderabad, Mumbai and New Delhi, including ongoing vaccination efforts. The funds will also be deployed to support initiatives promoting mental health in communities across India and will help economic recovery within those communities.

Frontline health facilities include portable COVID-19 care centres, oxygen concentrators and generators, and isolation care units at homes for non-critical patients from low income communities.

Sonjoy Chatterjee, Chairman and Chief Executive Officer of Goldman Sachs in India, said, “We are proud to support India in combating this crisis, helping to augment its medical infrastructure and drive vaccination efforts.”

The latest commitment builds on the $ 42 million Goldman Sachs has already deployed to more than 300 non-profits across 31 countries through the COVID-19 Relief Fund, and the firm’s $ 525 million commitment to small businesses. This included a $1 million commitment to India in 2020 which was fully allocated to the distribution of food and essential supplies to help displaced segments of the population due to the pandemic.