Sterling Bank has secured a $40 million facility from the Turkish EXIM Bank.
The facility was granted by EXIM Bank in Turkey following the conclusion of a due diligence on the bank which confirmed it as a reputable financial institution with capacity to meet its obligations.
Sterling Bank indicated that the facility would be used to support trade businesses and projects with Turkish origin.
With this development, members of the Turkish business community in Nigeria as well as Nigerian businessmen and women doing business with Turkish partners will have easy access to finance for their businesses especially in the importation of necessary raw materials and other infrastructure for production. This, it said, would also serve as a catalyst for economic development in the country.
The bank in the statement explained that the choice of the bank by Turkey EXIM Bank may have been informed by its role in international finance, its reputation as a stable and reliable financial institution and its capacity to support both local and international institutions.