Dhiraagu secures financing from ADB and IFC to enhance digital infrastructure

In order to support Dhiraagu’s investment in digital infrastructure and strengthen connectivity across the Maldives, the International Finance Corporation (IFC), a member of the World Bank Group, together with the Asian Development Bank (ADB) have agreed to provide USD55 million in financing across two facilities. The first facility, amounting to USD25 million, will support Dhiraagu’s working capital and capital investment programme to enhance internet experience including investment in 5G services and high speed fibre broadband to more islands. The investment will also support the Domestic Submarine Cable expansion project which will enhance capacity to meet the increasing data needs of customers. The second facility of USD30 million will support Dhiraagu’s SeaMeWe-6 submarine cable project, which is planned to connect Maldives directly to the global hubs in Southeast Asia, the Middle East and Western Europe.

‘We are delighted to be working with two major global development institutions, ADB and IFC, who are helping fund our major investment programme to support the social and economic development of our nation,’ stated Ismail Rasheed, CEO and MD at Dhiraagu, adding: ‘Securing this funding is an endorsement of the strength of the company and our vision for the development of digital infrastructure in the Maldives. This investment has also played a pivotal role in establishing our Environmental, Social and Governance (ESG) function under which we are aiming to enhance our commitment towards achieving the UNDP Sustainable Development Goals.’