London-based  financial services firm Barclays has announced the establishment of the Barclays Foundation in support, initially, of COVID-19 relief efforts. 

The newly established foundation will provide £100 million ($125.8 million) to create a COVID-19 Community Aid Package in support of nonprofits working to assist vulnerable populations impacted by the spread of the virus and the subsequent economic downturn. The package will have two components: a £50 million ($62.9 million) fund that awards grants to local charities — mainly in the United Kingdom but also in international markets such as the United States and India where Barclays has offices — serving the elderly and disadvantaged populations most at risk from the virus, while the remaining £50 million will be used to match employee donations to charities working to support vulnerable people and groups impacted by its spread. 

"As a bank we have been doing all we can to look after our customers, clients, and colleagues through this crisis, made possible by tens of thousands of amazing and dedicated Barclays people around the world who have been doing their utmost to keep our services running, and support the economy," said Barclays Group CEO Jes Staley. "We want to do more to back the communities in which we live and work and to provide help to those who have been hardest hit by the consequences of the coronavirus pandemic."

(Photo credit: Barclays)