Grab earmarked 20 million dollars to provide free COVID-19 vaccines for its delivery and driver partners in Southeast Asia, part of a bigger support program initiative it aims to undertake.
The Singapore-based ride-hailing company said it plans to create an endowment fund of 275 million dollars in cash and Grab shares to support programs with a lasting impact on the quality of life of its driver, delivery, and merchant partners in the region.
Grab said it would seed the fund with 50 million dollars in cash and 200 million dollars in expected value of Grab shares.
The fund will also include a combined 25 million dollars in personal contribution of Grab shares from its CEO, co-founder, and president.
As a near term initiative, Grab has allocated up to 20 million dollars in cash from the fund to fully subsidize the cost of vaccines and vaccine administration of eligible driver and delivery partners who are not covered by a national vaccination program.