Nigeria’s Sterling Bank raises $65 million from BADEA

Sterling Bank

Nigeria’s Sterling Bank Plc, said Arab Bank for Economic Development in Africa (BADEA) has extended $65 million credit facilities to Sterling Bank Plc.

The tier two Nigerian lender said in a statement that the facilities were granted through two loan agreements signed on Monday, 18th February, 2019 in Cairo, Egypt.

The Director-General of BADEA, H.E. (Dr.) Sidi Ould TAN signed the loan agreements on behalf of BADEA while Mr. Yemi Odubiyi, Executive Director, Corporate & Investment Banking signed on behalf of Sterling Bank.

The first line of credit which amounts to $15 million is for the financing of private sector projects while the second facility which amounts to $50 million is for financing Arab exports to African importers, as part of BADEA’s programme for financing foreign trade.

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