Sterling bank and Afreximbank seal $75 million non-oil export agreement

0
88
Sterling bank and Afreximbank seal $75 million non-oil export agreement
Sterling bank and Afreximbank seal $75 million non-oil export agreement

Sterling Bank Plc has successfully inked a $75 million agreement with the African Export-Import Bank (Afreximbank) at the Intra-Africa Trade Fair (IATF) in Cairo, Egypt.

The deal aims to promote non-oil exports both within and outside Africa.

The signing ceremony emphasized the significance of the agreement in financing and enhancing trade activities in Nigeria.

This collaboration is expected to play a crucial role in addressing forex liquidity challenges faced by member countries, fostering intra-Africa trade, and contributing to the growth of Nigeria’s financial sector.

The $75 million facility serves as a guarantee to support Sterling Bank’s import and export trade finance operations, further facilitating economic development in the region.