Following the conclusion of a due diligence on the bank, the Turkey EXIM Bank has granted Sterling Bank a $40 million facility.
In a statement at the weekend, the bank stated 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 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.
Like Nigeria’s NEXIM Bank, 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