ITFC a subsidiary of IDB has given a 100-million-dollar loan facility to STO.
In a ceremony held at STO, an agreement was signed between ITFC and STO. CEO of ITFC Nazeem Noordaah signed on behalf of ITFC while MD of STO Ahmed Shaheer signed on behalf of STO. This is the largest loan facility ever given to Maldives by IDB.
An official of STO said that, the facility can be used for any business purpose of STO. “For instance if they want to bring an oil shipment, it can be done through this facility” said the official.
This agreement shows that, STO has the trust of foreign financial facilities.
IDB gives a 100-million-dollar loan facility to STO
