The Arab Bank for Economic Development in Africa (BADEA) and Sterling Bank PLC (Nigeria), signed on Monday, February 18, 2019, in Cairo, two loan agreements: the first one is a Line of Credit, which amounts to US $ 15 million to finance private sector projects, and the second one, which amounts to US $ 50 million, is a Line of Credit for financing Arab Exports to African importers, as part of BADEA’s program for financing Foreign Trade.
H.E. Dr. Sidi Ould TAH, Director General, signed on behalf of BADEA, while Mr. Adeyemi Odubiyi, Executive Director, Corporate & Investment Banking, signed on behalf of Sterling Bank.
The first Line of Credit aims to help the Bank to finance private sector projects in Nigeria by re-lending its resources to its customers. The loan also aims to enhance the role of the private sector in the country’s economic and social development, to contribute to the mobilization of the production and service sectors, creating job opportunities, providing and delivering various goods and services and supporting the country’s budget, through tax revenues, which will enhance opportunities for economic growth and improving the living standards of the population.
Within the same context, the two parties also signed a loan agreement to finance a Line of Credit that will be allocated to Trade Finance Operations. This Line of Credit aims to bring Arab goods and products to Nigeria by re-lending its resources to beneficiaries in the country. The Line also aims to encourage and promote trade exchanges between Arab and African countries and help to define African markets for Arab products, and thus help in the growth of Arab Exports destined for Sub-Saharan Africa.