Dhiraagu has signed the second facility agreement of USD30 million with the International Finance Corporation (IFC) and Asian Development Bank (ADB) to fund the investment in SEA-ME-WE 6 (SMW6) Submarine Cable System initiative.
The second facility brings the total funding from IFC and ADB to USD55 million.
The SMW6 is aimed to connect the Maldives to the global internet superhighway and reduce latency, improve quality, and reduce the cost of Dhiraagu’s internet services. Besides further enhancing the digital infrastructure with the investment, it will help the company’s efforts to make the Maldives a global digital hub.
Last year, Dhiraagu signed the first facility agreement of USD25 million which supported the company’s capital and capital investment program to meet the increasing data and broadband demand of customers. The company directed the initial investment towards expanding the 5G internet services, high-speed fiber broadband services to more islands, and supporting the company’s Domestic Submarine Cable extension project.
“We are delighted to sign this second facility with IFC and ADB which will support a critical investment for Dhiraagu, that will enable Maldives to be connected to the SMW6 global submarine cable system,” said Ismail Rasheed, the CEO and Managing Director of Dhiraagu.
He also stressed that the investment from IFC and ADB will strengthen the company’s sustainability initiatives.
“IFC’s latest investment in Dhiraagu will enable widespread, fast, and reliable connectivity across the Maldives, leading to inclusive business growth and improving quality of life for all,” said the Country Manager for Sri Lanka and Maldives at IFC Alejandro Alvarez de la Campa.