BlackRock on Monday said it is committing $50 million to coronavirus relief efforts, as the pandemic continues to shut down daily life and economic activity in much of the world.
Starting immediately, the world’s largest asset manager said it will direct $18 million to food banks across Europe and the United States, which are struggling with a depleting number of volunteers, as well as lack of funding. As of December, the institutional investor managed $7.43 trillion in global assets.
“Recognizing that the immediate needs of communities will be different than those that will emerge in the months ahead, we will phase our funding to first support frontline responders locally, regionally, and globally,” a company statement read.
BlackRock joins other firms that have recently made donations, including JPMorgan, which similarly donated $50 million to groups affected by the disease. In response to the pandemic, some businesses are mobilizing around the relief effort, while other cash-poor companies are threatening to shutter forever.
In the US, about $10 million from BlackRock will go to food banks, as well as the nonprofit Feeding America. Some of that donation also will go toward the Robin Hood Foundation Relief Fund, which funds nonprofits serving low-income New Yorkers, and Tipping Point Community COVID-19 Response Campaign, which serves seniors in the Bay Area in California.
In Europe, about $5.5 million will go to national food banks in countries such as France, Germany, Italy, and Spain. Funding also is set to go to domestic disaster relief organization National Emergencies Trust in the United Kingdom, as well as other critical medical response groups.
Globally, roughly $500,00 went to the Chicago-based Global FoodBanking Network, which supports people affected by the crisis in Asia and Latin America.