March 23, 2020 / 1:45 PM / 9 days ago

Blackrock pledges $50 mln to coronavirus relief efforts

March 23 (Reuters) - Blackrock, the world’s largest asset manager, on Monday committed $50 million to relief efforts as the coronavirus pandemic leads to job losses and unexpected medical costs.

“We are committing $50 million to relief efforts, helping meet immediate needs of those most affected right now and by addressing the financial hardship and social dislocation that this pandemic will bring,” the company said.

Blackrock said a first tranche of $18 million in funding has been deployed to food banks and community organizations across America and Europe working directly with vulnerable populations.

The Bill & Melinda Gates Foundation and two other large charities earlier this month pledged here up to $125 million to help speed the development of treatments for the fast-spreading coronavirus.

“Our food bank partners tell us that they’re already struggling with declining volunteer numbers and retail donations, compelling them in real time to redesign their operating model,” Blackrock said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty)

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