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Chase and Wells Fargo join Covid-19 support coalition

RED orchestrates funding to increase access to relief in world’s poorest countries

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  • Written by  Banking Exchange staff
Chase and Wells Fargo join Covid-19 support coalition

Chase Bank and Wells Fargo are the latest banks to join RED, an organization that supports efforts to scale urgent access to relief in the world’s poorest countries.

Chase cardholders and Wells Fargo Rewards Customers will now be able to redeem points and rewards aimed at securing donations to help fight the virus.

The points can be donated via Paypal’s ‘pay with rewards’ feature. Each bank will also donate $250,000 to RED’s wider efforts.

With the addition of Chase and Wells Fargo, the coalition of financial institutions – including Bank of America, American Express, Citi, and Paypal – will total six.

The group raises money to establish stronger global health systems through the Global Fund Covid-19 Response Mechanism and the Gavi COVAX Advance Market Commitment (AMC).

Last week, a report released by Citi Group found that $1.6 trillion was needed annually to eliminate global poverty, and that extreme poverty could be up to six times worse than traditional monetary measures imply.

Such inequalities continue to be exacerbated by Covid-19, and actions to fight poverty continue to be hindered.

According to Our World In Data, so far just 10% of people in the world’s most impoverished countries have received at least one Covid-19 vaccine dose.

Increasingly, non-profits and banks are scaling investment at the intersection of poverty and Covid-19.

In November, woman-led philanthropic intermediary Moore Impact received funding to reinvest in organizations that work to tackle racial equity issues exacerbated by the pandemic.

Meanwhile, in November, Citi bank announced it was issuing $1 billion in social finance to support development projects in emerging markets.

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