Hong Kong (CNN Business) Hong Kong's richest man Li Ka-shing is giving one billion Hong Kong dollars ($128 million) to businesses hurt by the city's pro-democracy protests.

"take the lead" in helping small and medium-sized companies through tough times, according to a The 91-year-old billionaire said he hopes the donation will"take the lead" in helping small and medium-sized companies through tough times, according to a statement released Friday by his charitable foundation.

"The global economy is slowing. Plus, Hong Kong's economy is facing unprecedented challenges," the foundation said in its statement.

Ka-shing's donation is meant to supplement recently announced government measures to allocate two billion Hong Kong dollars ($255 million) to support small companies. In total, the government is pumping billions of dollars into the economy in a bid to avert a recession as the political crisis disrupts business, particularly in retail and other services. The faltering economy is also suffering from China's slowdown and the trade war.

Further details about how the foundation's money will be used is pending discussions with the government.

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