Arab Bank For Economic Development In Africa Extends $65m Credit Facilities To Sterling Bank Plc

Wednesday, February 20, 2019 09:08AM / NSE

We wish to notify our shareholders and other stakeholders that the Arab Bank for Economic Development in Africa (BADEA) has extended $65 million credit facilities to Sterling Bank Plc. 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 TAH 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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