JMS to borrow Shs8.3 billion to supply masks, sanitisers

Joint Medical Stores (JMS) has reached an agreement with Standard Chartered Bank to borrow $2.2 million (Shs8.2 billion) to help them provide healthcare facilities and supply masks, sanitisers, and medicines in the country.

JMS is a private pharmaceutical store serving at least 3,000 medical facilities. It was established in 1979 and it is licensed by the National Drug Authority (NDA) to engage in the import, export and wholesale of medicines and related health supplies.

Standard Chartered Bank launched the $1 billion financing commitment programme on March 30 to provide financing on a not-for-profit basis to companies making products and services that help the frontline fight the Covid-19 pandemic and its impacts on the economy.
Records show that since then, the bank has received requests from clients around the world and a number of disbursals nearing fruition.

The agreement reached yesterday with JMS makes the pharmaceutical store the first client to make a drawdown (gradual accessing of Covid-19 credit) under the bank.
Speaking during the event, Mr Simon Cooper, CEO of Corporate and Institutional Banking at Standard Chartered, said:

“Our priority is to help get much-needed products and services to the frontline and we’re extremely proud to start rolling out the financing on this programme with JMS. Africa is a very important part of our group strategy and I’m particularly pleased that we’re able to use our network there to make an impact in the fight against Covid-19.”

Mr Sunil Kaushal, the CEO of Africa & Middle East at Standard Chartered, said the deal signified the collaborative approach the bank is taking with its clients in Africa and the Middle East to fight Covid-19.

“We are committed to playing our part in the fight against Covid-19 and working with our clients who are focusing their business operations to tackle the virus. With many markets facing unprecedented challenges in the wake of the Covid-19 crisis, and as an international bank deeply rooted on the continent and an unsurpassed network business, it is important that we connect financing to where it is needed mostly during these uncertain times.”

Dr Bildard Baguma, the Executive Director of JMS, said: “We have been supplying the government of Uganda, NGOs, and the private sector with medical supplies for more than 40 years, however, the Covid-19 pandemic has increased the urgency for provision for medical supplies in the country.”

Dr Baguma added: “The $2.2m facility will enable us respond to this urgent need and provide the frontline health workers with high quality Personal Protective Equipment, which is integral in maintaining health and safety during the pandemic. We will also be providing critical care equipment to hospitals (ICUs).”

Last month, health workers under their umbrella Uganda Medical Association warned that they would boycott if they are not given equipment to protect them.

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