Temasek Trust, the philanthropic arm of Singapore's Temasek, said yesterday that it has launched a $10 million fund to support ground-up initiatives that help communities affected by the Covid-19 outbreak.

The oscar@sg fund will be anchored by a $10 million sum from Temasek and supports projects that "embrace the values of ownership, sustainability, care, assurance and resilience".

It will provide up to $5,000 of direct sponsorship and match third-party funding sources dollar for dollar up to a maximum of $50,000, with a provision to increase the sum to $100,000 in exceptional cases.

The fund has already attracted donations from corporate partners and individual philanthropists. Among these are Temasek subsidiary Pavilion Capital and Temasek Trust's private equity fund ABC World Asia, which have donated an additional $1.7 million to the fund.

"We believe sometimes the best and the most effective ideas come from ground up. Through the oscar@sg fund, Temasek Trust aims to support meaningful ground-up initiatives that seek to address community needs exacerbated by the present Covid-19 crisis," said Ms Cheo Hock Kuan, chief executive of Temasek Trust.

Individuals or groups of individuals can apply for the grant. Additionally, non-profit organisations registered with the Accounting and Corporate Regulatory Authority or the Registry of Societies are also able to apply.

THE BUSINESS TIMES