Sterling Bank said it has secured a $40 million facility from the Turkey EXIM Bank, a facility granted by Turkey EXIM Bank following the conclusion of a due diligence on the bank.
In a statement at the weekend, the Financial House that the facility would be used to support trade businesses and projects with Turkish origin.
Following the development, members of the Turkish business community in Nigeria as well as Nigerian businessmen and women doing business with Turkish partners would have easy access to finance for their 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 bank also 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.
The Turkey EXIM Bank is a fully state-owned bank acting as the Turkish government’s major export incentive instrument.