Wataniya completes financing for the Maldives

The operator has completed its long-term financing, drawing down on a US$27 million facility to help fund network build and a fibre-optic submarine cable.

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By  Tawanda Chihota Published  December 28, 2005

Wataniya Telecom Maldives has announced the completion of its long-term financing, drawing down on a US$27 million facility, comprised of US$20 million from the IFC (International Finance Corporation) and US$7 million from the OPEC Fund. The Maldives operator has also secured a revolving facility of US$4.5 million from the Bank of Maldives. In addition to funding the network build, the loan will finance a fibre-optic submarine cable to improve the quality of international communications. Wataniya Telecom Maldives was awarded the second nationwide GSM licence in February 2005 and launched its operations six months later in August. Since commercial launch of service, Wataniya has acquired more than 50,000 subscribers. “We are very proud of the success of Wataniya Telecom Maldives, and this is simply the result of one core strategy Wataniya follows across the group, to build value and increase the reach of communications by introducing leading edge technologies that add value for consumers,” says Salah Al-Sultan, chairman of Wataniya Telecom Maldives. Wataniya offers a 3G and GSM network in the Maldives capital, Male, and network-wide support for EDGE access, multimedia messaging, push to talk and international roaming. The operator now covers 100% of the population.

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