The Goldman Sachs Group, Inc. today announced an additional USD10 million (Rs 74 crores) 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 centers, 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.”
Gunjan Samtani, Head of Goldman Sachs Services in India, added, “Goldman Sachs continues to stand with India as it tackles this unprecedented health crisis and seeks a pathway to sustained recovery.”
Today’s commitment builds on the USD42 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 USD525 million commitment to small businesses. This included a USD1 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.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. In India, Goldman Sachs operates from offices in Mumbai, Bengaluru and Hyderabad.