Li Ka Shing Foundation completes HK$1 billion donation scheme

December 10, 2019 10:59
Hong Kong billionaire Li Ka-shing's foundation said more than 28,000 SMEs have benefited from the relief fund project. Photo: Reuters

The Li Ka Shing Foundation, the charitable organization founded by Hong Kong billionaire Li Ka-shing, said it has completed its program to help small businesses and entrepreneurs who have suffered from the months-long social unrest in the city.

The Crunch Time Instant Relief Fund Project consists of three phases. Total donation amounted to HK$1.009 billion. More than 28,000 small and medium-scale enterprises from the food and beverage, retail and the travel industry as well as licensed hawkers have benefited from the scheme.

The program has received a total of over 43,000 applications.

The final group of successful applicants selected through a random computer process will receive the money before mid-December.

Amid the civil disturbance in Hong Kong, hundreds of eateries were closed, visitor arrivals plunged while retail sales suffered a record drop.

The Li Ka Shing Foundation was established in 1980 to work on education, medical services and research initiatives. It has invested over HK$26 billion across 27 countries and regions so far, with about 80 percent of projects within Greater China.

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EJ Insight writer