Sterling Bank in a statement said it has secured a $40 million facility from the Turkey EXIM Bank. 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."
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