My understanding of how NAIF operates is that it is required to...

My understanding of how NAIF operates is that it is required to consider all funding on a commercial basis (in the same manner as any commercial lender). Their mandate is to provide loans which may have much longer repayment timelines, more flexibility on debt servicing or softer covenants than what a commercial lender would entertain, but ultimately they must be satisfied as to the capacity of the borrower to service and repay the debt. As such, any new money advanced would need to be on the basis that there is reasonable prospect of repayment.

That they have seen fit to advance these funds for a very long term capital investment of this nature suggests that they have gained comfort with STA's current and future viability. For me, that is an encouraging sign that STA is slowly pulling out of its nosedive.