Sterling Bank secures $40m facility from Turkey EXIM Bank 

Sterling Bank Plc has secured a $40 million (N7.8 billion) facility from the Turkey EXIM Bank, to bolster its commitment to international trade finance and investment among individuals and institutions across the world.

The facility was granted by Turkey EXIM Bank following the conclusion of a due diligence on the bank.

Specifically, Sterling Bank explained that the facility would be used to support trade businesses and projects of Turkish origin.

With this development, members of the Turkish business community in the country, as well as Nigerian businessmen and women doing business with Turkish partners, will have easy access to finance for their respective businesses, especially in the importation of necessary raw materials and other infrastructure for production, which would also serve as a catalyst for economic development in the country.

The Nigerian bank, in the statement, explained that the choice of 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.

Turkey EXIM Bank’s main objectives are promoting Turkish exports through diversification of exported goods and services by increasing the share of Turkish exporters in international trade, finding new markets for traditional and non-traditional export goods and providing exporters and overseas contractors with support to increase their competitiveness and to ensure a risk-free environment in international markets.