International Finance Corporation (IFC) and Asian Development Bank (ADB) confirms on a joint-loan to Dhiraagu, to expand its digital network.
The two international finance institutions will be extending a USD55 million loan for the initiative.
A statement from IFC read that the joint loan, a USD25 million facility and another USD30 million facility from both institutions, will be used on multiple components of the initiative. The ADB extended USD 25 million facility is aimed as a working capital of Dhiraagu, along with expansion of its internet services, 5B and fiber broadband extension across atolls.
Additionally, the facility will assist Dhiraagu in its domestic fiber-optic submraine cable network’s development.
IFC extended USD30 million will be on the “Sea-Me-We-6” 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 Sea-Me-We-6 or SMW6 is a consortium which includes Bangladesh Submarine Cable Company, Bharti Airtel Ltd of India, Djibouti Telecom, Mobily from Saudi Arabia, Orange from France, Singtel from Singapore, Sri Lanka Telecom, Telecom Egypt, Telekom Malaysia, Telin from Indonesia and Trans World Associates from Pakistan along with Dhiraagu.
“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, which is heavily dependent on the tourism sector,” Hector Gomez, the Regional Director, South Asia of IFC said.