Nigeria: ECOWAS, Sterling Bank to support small businesses with $50mln
The Senior Unsecured Facility further strengthened Sterling's already robust Corporate and Investment Banking portfolio, reinforcing its commitment to powering the ambitions of businesses that are building the future.
As a financial institution recognised for delivering innovative, purpose-driven solutions at scale, Sterling has consistently backed real sector growth, supporting infrastructure, energy, agriculture, and manufacturing projects with transformative potential.
This new collaboration with EBID reflects the confidence of global and regional institutions in Sterling's ability to deploy capital effectively and drive tangible results in the economy.
'This facility is not about doing more; it's about doing what we've always done, at even greater scale and pace,' said Dele Faseemo, Group Executive, Corporate and Investment Banking at Sterling Bank. 'We're proud to be the institution of choice for development finance partners looking to make a meaningful difference. Our track record speaks for itself, and this partnership with EBID will allow us to deepen our impact where it matters most.'
Sterling's strategic focus on the HEART sectors: Health, Education, Agriculture, Renewable Energy, and Transportation, has already made it a trusted partner to thousands of businesses driving sustainable growth.
With this facility, the Bank will further enhance its ability to provide flexible, competitively priced financing to enterprises that are ready to scale, innovate, and lead in their industries.
This facility amplifies Sterling's existing capacity to unlock new possibilities for businesses across Nigeria.
From manufacturers expanding their production lines to renewable energy developers executing climate-smart infrastructure, Sterling remains the go-to bank for enterprises creating real value in the Nigerian and West African economies.
'The choice of Sterling Bank by EBID is a recognition of our leadership and execution strength,' Faseemo added. 'It reflects our consistent delivery, strong governance, and deep understanding of the markets we serve. We look forward to putting this capital to work for the benefit of our clients, communities, and the economy.'
Sterling continues to attract partnerships with leading development finance institutions globally, further proof of the confidence in its long-term strategy, operational integrity, and ability to catalyse inclusive economic transformation.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
3 hours ago
- Zawya
Sterling steadies after selloff, fiscal worries prevail
Sterling edged higher on Thursday, stabilising after fiscal concerns and uncertainty about Rachel Reeves' future as Britain's finance minister sparked a selloff across UK assets in the previous session. Markets had been monitoring developments around a welfare bill in parliament where divisions within the Labour party forced Prime Minister Keir Starmer to back down on large spending cuts, leaving a hole in public finances. The selloff gathered steam on fears that Reeves would be replaced, but was contained as Starmer gave the finance minister his full backing. The government has been trying to stick to its self-imposed fiscal rules to try to build investor confidence. However, analysts warn that politically-difficult tax hikes might be needed to balance public accounts and avoid extra borrowing. "The immediate issue is that the government left a very narrow margin in March against their fiscal rules they set themselves," said a group of analysts led by Jim Reid at Deutsche Bank. "So unless we got a big burst of growth before the budget, then the government would need to announce further tax rises or spending cuts if they still want to meet the fiscal rules." Sterling edged up 0.1% to $1.365 after sinking 0.8% in the previous session - its biggest daily drop in more than two weeks. The currency also firmed 0.3% against the euro , which last fetched 86.3 pence. The relief was also visible in bond markets, where the yield on the 10-year gilt dropped 9 basis points. Yields had spiked on Wednesday, with those on the benchmark note at one point registering their largest one-day jump since October 2022. Higher yields would generally support the domestic currency, so Wednesday's reaction highlighted investors' pessimism. Global investors have been grappling with ballooning public debt in developed markets and have also been demanding greater premiums to hold them. Yields on British bonds are among the highest in the developed world. Wednesday's plunge in British assets immediately drew comparisons with Liz Truss' short-lived premiership in 2022, which was derailed by a bond market selloff. Traders expect the Bank of England to cut interest rates by 25 basis points again in September, according to data compiled by LSEG. All eyes will now be on a pivotal U.S. jobs report later in the day that could help gauge the Federal Reserve's monetary policy trajectory. (Reporting by Johann M Cherian Editing by Mark Potter)
Dubai Eye
5 hours ago
- Dubai Eye
Sheikh Abdullah discusses boosting bilateral ties with Ghana counterpart
Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, and his counterpart in Ghana, Okudzeto Ablakwa, have explored ways to further strength bilateral ties during a phone call. The diplomats reviewed the evolving relations between the countries, and mechanisms to support and enhance cooperation across various fields, reported national news agency WAM. Earlier this year, the UAE proposed a comprehensive strategic partnership with Ghana, shortly before they signed a deal to establish a technology hub in the West African country's capital that is expected to attract over 11,000 global technology firms, including global tech giants like Microsoft, and Meta.
TAG 91.1
12 hours ago
- TAG 91.1
Sheikh Abdullah discusses closer ties with Ghana counterpart
H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, has had a call with his Ghanian counterpart, Okudzeto Ablakwa. The two top diplomats reviewed the evolving relations between the countries, which aims to support both in achieving sustainable economic development. The UAE earlier this year proposed a comprehensive strategic partnership with Ghana, shortly before they signed a deal to establish a technology hub in the West African country's capital that is expected to attract over 11,000 global technology firms, including global tech giants like Microsoft, and Meta.
