International Finance Corporation (IFC) and Asian Development Bank (ADB) announced a joint-loan facility of USD 55 million (MVR848 million) to Dhiraagu, for its digital network expansion initiative.
A statement from IFC read the joint loan, a USD 25 million facility and another USD 30 million facility, by both institutions, will be used in several of the telecom and internet service provider's network and service upgrade projects. ADB extended USD 25 million, primarily as working capital of Dhiraagu, and for the expansion of its internet, 5G and fiber broadband extension across the atolls.
The ADB finance facility will further enhance Dhiraagu with its domestic fiber-optic submarine cable network's development as well.
IFC extended the USD 30 million facility to bump up the "Sea-Me-We-6" (SMW6) submarine network project. Under the initiative, 19,200 kilometers of submarine cable system will be installed between Singapore and France (Marseille), crossing Egypt through terrestrial cables.
The SMW6 is a consortium formed between Dhiraagu, Bangladesh Submarine Cable Company, Bharti Airtel from India, Djibouti Telecom, Mobily from Saudi Arabia, Orange from France, Singtel which is a Singapore-based telecom provider, Sri Lanka Telecom, Telecom Egypt, Telekom Malaysia, Indonesia's Telin and Trans World Associates from Pakistan.
"With this investment, we will have ease in our efforts to establish internet services across the tropical islands. This will further enhance and create job opportunities in the Maldives," commented Hector Gomez, the Regional Director, South Asia, IFC.
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