Bank of America Commits $1 Billion Funding For Economic
Charlotte-based Bank of America Corp committed to funding the government’s initiatives against economic and social disparities heightened during coronavirus pandemic. The bank is willing to inject $1 billion to be used in job training, health, small businesses, and housing.
The bank aims to assist communities directly affected by the coronavirus pandemic.
Banks funds sectors to boost the economy
Banking and finance are essential contributors to a countries economy. Banks and governments work together to boost a nation’s economy. The coronavirus crisis showed how critical are banks as nations see a decline in growth.
The funding was aimed at enhancing the industry’s liquidity and enabled financial institutions to continue to serve loans to their clients.
The stimulus package followed the bank’s decision to provide SR50 billion to banks to be used for debts and delay overdue loan installments for SMEs. The funds aim to assist the firms in maintaining jobs for their employees.
China’s central bank also injected funds into its financial system to maintain its liquidity. The Asian economic giant provided 100 billion yuan, with one-year maturity and 2.95 percent interest, to the market through a medium-term lending facility.
The funding aimed at supporting commercial and policy banks as they maintain liquidity. The central banked allowed the financial institutions to borrow funds using securities as collateral.
Bank of America Funds economic and social disparities initiatives
The $1 billion funding from the Bank of America is expected to accelerate the programs of the federal government that develops the workforce and mobilizes the economy. CEO Brian Moynihan said that the events from the prior weeks that have arisen across the US need to be addressed urgently.
The CEO noted that the government needs to focus on solving social injustices in the communities. Mr. Moynihan highlighted the series of protests that occurred after the death of a black man in Minneapolis, George Floyd, from the hands of a police officer.
The death of Mr. Floyd went viral on social media after a video leaked out, showing the cop kneeling on the black man’s neck, which caused his death. Mr. Floyd was seen gasping for air while complaining that he can’t breathe.
The injustice done by the supposed protector of the people enraged the masses. It resulted in demonstrations, vigils, and riots across the country. The bank wanted to answer people’s calls by providing funds for the initiative.
The Bank of America said that its market executives would spearhead the $1 billion stimulus package. Reports claimed that Charlotte-area organizations were among the beneficiaries of the assistance.
The support package might include coronavirus testing and vaccination, additional financing for local businesses, skills training for high school and college students, and funding for affordable houses. The CEO said that the bank aims to solve systemic, long-term gaps and areas that need significant change.
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