PROJECT

Projects

Summary of Investment Information

Project Number

44726

Company Name

STERLING BANK PLC

Date SPI Disclosed

May 28, 2021

Country

Nigeria

Region

Africa

Projected Board Date

Jun 28, 2021

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Sep 25, 2021

Department

Regional Industry - FIG ME & Africa

Industry

Financial Markets

Previous Events

Approved : Nov 11, 2004
Signed : Sep 1, 2020
Invested : Oct 31, 2024

Sector

Commercial Banking - Trade

Project Description

The proposed project consists a trade line guarantee with Sterling Bank Nigeria (“the Bank”). The project will support the Bank’s strategic plan to grow its international trade business in its target sectors (Health, Education, Agribusiness, Renewables, and Transport). The project is processed under IFC’s Global Trade Finance Program (GTFP), which extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in markets where trade lines may be constrained.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation