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India: Mastercard to Donate $10 Million to Address COVID-19 Crisis

Master Card is set to donate $10 Million to tackle India's Covid-19 crisis, focusing on immediate medical needs, including portable hospitals and oxygen generators.

Mastercard will be donating $10 million to India to tackle the country's increasing Covid 19 case.

The past few weeks have been awful for India. According to a publication on the company's website, "The country has seen a spike in COVID-19 diagnoses and deaths, with the healthcare system being stretched to its limits as more than 350,000 new cases are identified each day."

Covid-19 cases and related deaths in India is on the rise|Source: Business Insider

Mastercard's philanthropic efforts will be delivered through the Mastercard Impact Fund. The focus will be on three priority areas – access to hospital resources, access to additional oxygen supplies, and continued support of the company's employees across the country.

A large chunk of the contribution will be used to support the expansion of 2,000 beds through the installation of portable hospitals that can address the immediate healthcare needs.

"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." Ajay Banga, executive chairman of Mastercard

Mastercard will also allocate fund for additional shipments of 1,000 oxygen generators as part of a broader corporate effort. The company will also donate to local charities and NGOs to allow for direct support of those affected by the virus, including the frontline medical workers across the country.

"The U.S. and India have a shared history of helping each other during times of crisis. We're hearing from our 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." Richard Verma, general counsel at Mastercard and former U.S. ambassador to India.

Mastercard also said that it would be covering all vaccine-related costs for its India-based employees and immediate families, as doses are available.

According to a publication on the company's website, 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.