Sterling Bank Plc has signed a $75m agreement with the African Export-Import Bank to foster non-oil exports in Nigeria.
The agreement was signed on the sidelines of the just concluded Intra-Africa Trade Fair in Cairo, Egypt.
A statement from Sterling Bank disclosed that the deal would boost trade financing in the country.
It stated that the agreement held promise in significantly facilitating intra-Africa trade by bolstering the trade finance capabilities of Africans.
The bank noted that the deal would help the foreign exchange challenge in the African continent. It stated, “The facility is expected to make a substantial contribution to the growth of Nigeria’s financial sector by improving the capacity of Africans in trade finance. Moreover, it aims to (address) foreign currency liquidity constraints.”
“The developmental impact of this financing arrangement is worth noting to foster growth in both intra and extra-African trade.
“It achieves this by enabling Sterling Bank to secure funds from lenders who in turn support their customer’s import and export trade finance operations. It is a guarantee facility for $75m.”
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]