State Trading Organisation (STO) has secured a working capital of USD 25 million through HSBC.
STO announced on Twitter on April 5 that the company secured a working capital of USD 25 million from HSBC to assist the company’s operations amid the COVID-19 pandemic. STO stated the funds will be managed and allotted by the Ministry of Finance.
In a tweet, Managing Director of STO Hussain Amr expressed gratitude to HSBC for the support provided to the company. He noted STO has secured USD 62 million from international financial institutions to ease cash flow difficulties of the finance ministry during the economic strain brought on by COVID-19. He said STO will continue to work towards fostering strong ties with international financial institutions.