Sterling Bank Nigeria GWFP RSF

active

The proposed Project consists of a financing package of up to US$25 million (the Project) for Sterling Bank Limited (Sterling Bank or the Bank), comprised of the following:(i) a US$20 million Global Warehouse Finance Program (GWFP) facility to be processed under the Africa Trade and Supply Chain Recovery Initiative (ATRI); and(ii) an unfunded agri Risk Sharing Facility (RSF) of up to US$5 million (equivalent in Naira) on a US$10 million (equivalent in Naira) portfolio of farmers to be originated through a partnership with Babban Gona (BG), an agricultural technology company (AgTech) in Nigeria for the benefit of maize smallholder farmers (SHFs) in its network. IFC will provide advisory services support on the use of the agri-RSF by the Bank. The RSF would be processed under IFC’s Small Loans Guarantee Program European Commission/Private Sector Window (SLGP EC/PSW or the Program), a programmatic approach to risk sharing which aims to enhance and strengthen the capacity of financial institutions for risk taking and financing of MSMEs in eligible countries.