The State Trading Organisation (STO) and Export-Import (EXIM) Bank of Thailand co-signed a US$32 million syndicated loan agreement on October 30.

Under the agreement, Exim Thailand and Bank of Maldives will jointly finance STO’s construction of the 5-star, 250-room Radisson Blu Hotel in Hulhumalé.

In a press release yesterday (November 5), STO revealed that according to the agreement 85 percent of the loan must be paid to contractors from Thailand or used to purchase construction material and equipment from Thailand.

The disbursement of the loan is to begin in 2013.