STO obtains US$32m loan for Hulhumale

The State Trading Organisation (STO) has obtained a loan of US$32 million (MVR493 million) from the Export-Import Bank of Thailand (EXIM Thailand) to finance the construction of a five-star hotel in Hulhumale’.

The loan agreement was signed last Tuesday by Managing Director of STO Shahid Ali, and President of EXIM Thailand Kanit Sukonthaman.

“The agreement has been signed, but we will receive the money from next year onwards,” Shahid Ali told Sun Online in an interview.

It has not been possible to obtain details of the loan, such as the interest rate and repayment period.

Shahid Ali said earlier that the hotel construction work is underway at a fast pace, and that it should be completed by the end of October 2013.

The five-star, 500-bed hotel will be managed by US company Carlson Group.

The construction of the hotel is undertaken by Maldivian company Amin Construction.