MUFG Bank, co-firms to establish $93.5m healthcare fund

The fund is for companies engaged in R&D and manufacture of therapeutic drugs and vaccines.

Six MUFG group companies, including MUFG Bank, Mitsubishi UFJ Trust and Banking Corporation, and Mitsubishi UFJ NICOS, is investigating the establishment of an investment fund amounting to more than $93.5m (¥10b) to support research and development (R&D) of therapeutic drugs and vaccines, the group announced in a press release.

The investment fund is aimed for companies engaged in R&D and manufacture of therapeutic drugs and vaccines, as well as companies with technologies and services “poised to help solve social issues that have become apparent due to the emergence of the coronavirus,” the statement read.

This is in addition to the $4.67m (¥500m) donation to the Japanese Red Cross Society and other medical institutions, announced in April.

The group will also contribute more than $18.7m (¥2b) for the school and art activities of students in Japan. MUFG will donate $4.67m (¥500m) respectively to Japan Student Services Organization (JASSO) and the nonprofit student support organisation Ashinaga.

The group’s companies will also contribute around $1.87m (¥200m) to provide part-time work opportunities for students in Japan. The work includes conducting online interviews and questionnaires for the development of new products and services that reflect the needs of young people.