Sterling Bank Plc has raised $25.5 million from BlueOrchard Finance Limited, a Swiss global impact fund management firm.
The new capital would be used to grow Sterling Bank’s supports for the key sectors of the economy, including health, education, agribusiness, renewable energy, and transportation sectors. The deal was structured by Alpen Capital.
Sterling Bank at the weekend explained that the fund was secured as a multi-credit on-lending facility to expand the bank’s financial interventions in the five sectors forming its ‘HEART’ strategy.
According to the bank, the fund would be deployed in line with its strategic focus to invest in high impact sectors that will drive sustainable growth and prosperity for the economy.
The bank explained that the facility will be used to expand its HEART strategy, grow the bank’s lending portfolio to micro, small and medium enterprises in the bank’s continuing bid to address the impact of COVID-19 on key sectors.
The facility was the latest of recent initiatives to drive sustained growth to the real sector of the economy through specialised products, investments, lending and fundraising. Recent initiatives included the bank’s ongoing partnership with Mastercard Foundation on the Sterling Women and Youth Agric Finance product, SWAY AgFin – a single digit facility specifically designed for women and youths aged 18 and 35 years to drive an increase in production in Nigeria’s agric sector, a zero interest facility for schools through Edubanc, as well as the launching of the Health Workers’ Fund to provide supplementary equipment for healthcare workers on the frontlines of the COVID-19 pandemic.
Founded in 2001, Blue Orchard is a Swiss-based global impact investment manager. BlueOrchard has invested to date over $9.8 billion across more than 100 countries. Two hundred and forty-six million underserved individuals and MSMEs in emerging and frontier markets received access to financial and related services with the support of BlueOrchard as of last March.
Alpen Capital Limited is an investment banking advisory firm which offers solutions in the areas of debt, mergers and acquisitions and equity to institutional and corporate clients across the Gulf Cooperation Countries, Africa, South Asia and Levant. With offices in the UAE, Qatar, Oman and India, Alpen Capital works with some of the leading business groups in its operating markets.
The Nation
