Maldives Operator Secures Funding

Wataniya Telecom Maldives says that it has completed its long term financing, drawing down on a US$27 million facility, comprised of $20 million from the IFC (International Finance Corporation) and $7 million from the OPEC Fund. Wataniya Telecom Maldives 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 fiber optic submarine cable, to improve the quality of international communications.

Wataniya Telecom Maldives was awarded the second nationwide GSM license in February 2005 and launched its operations six months later in August. Since commercial launch of service, Wataniya has acquired more than 50,000 customers, a target originally forecasted for the end of 2006. In this relatively short time frame, Wataniya has met its mission to provide world class, innovative communication products and services to the people of the Maldives.

"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," said Salah Al-Sultan, Chairman of Wataniya Telecom Maldives."

Posted to the site on 2nd January 2006