Dhiraagu, the largest telecommunications and digital service provider in the Maldives, has said a new investment from the International Finance Corporation )IFC) will help connect the country to the internet global super high-way via the state-of-the-art South-East Asia-Middle East-West Europe (SMW6) submarine cable system. Dhiraagu said it will help strengthen international connectivity, improve the efficiency of services, and boost digital services across the country.
The latest round of funding of USD19.1 million takes the total investment of IFC in Dhiraagu to USD35 million since June 2022 and marks an important step toward making the Maldives a global digital hub. It will enable the company to be part of the SMW6 submarine cable consortium and roll out the country’s first directly connected and owned international submarine cable system.
The earlier investment of USD15.9 million by IFC was aimed at supporting the working capital and capital investment programme of Dhiraagu to enhance the internet experience, including investments in 5G services and high-speed fibre broadband to more islands. Apart from helping the company strengthen its environmental and social management system, land procurement process, waste management, and stakeholder engagement, IFC also recently partnered with Dhiraagu to support efforts in strengthening women’s corporate leadership.