Republic donates US$2m to regional covid19 relief

The region's biggest indigenous financial institution, Republic Financial Holdings Ltd, has approved a US$2 million (TT$13.4 million) donation "in response to the anticipated economic and social fallout" of the covid19 pandemic.

The funds will be shared collectively across all territories throughout the region in which Republic operates.

In a release on Monday, the company, headquartered in Port of Spain, said it would give US$750,000 (TT$5 million) to the TT Government; US$500,000 (TT$3.4 million) will go directly to the Ministry of Health, as well as a donation of 25,000 masks.

The bank hopes this partnership with the ministry will provide medical supplies, ventilators, personal protective equipment and testing kits in order to supplement nationwide efforts to treat patients and promote well-being.

The bank will present its donation on Tuesday to the ministry.

For the financial year 2020, ending September 30, Republic recorded a $904.1 million profit. Chairman Vincent Pereira called the performance creditable, despite the 43 per cent decline year-on-year, which the company attributed to the negative impact of covid19.