Washington, D.C./Kuwait, November 7,
2005—The International Finance Corporation, the private sector arm
of the World Bank Group, announced the signing of a $20 million loan to
a Maldives company, Wataniya Telecom Maldives Private Limited. In addition,
IFC mobilized a $7 million parallel loan from the OPEC Fund for International
Development, an inter-governmental development finance institution, which
seeks to promote cooperation between OPEC member states and other developing
countries.
The company is owned by Wataniya Telecom of Kuwait through its wholly-owned
subsidiary, Wataniya International. Wataniya Telecom Maldives was awarded
the second nationwide GSM (global system of mobile communications) license
in the Maldives in February 2005 and launched its operation in August 2005.
Mohsen Khalil, Director of IFC’s Global Information and Communication
Technologies Department, said, “With this investment, IFC is facilitating
the entry of Wataniya Telecom into the Maldives market, as the second private
national operator. The Project will introduce for the first time
competition in the country’s telecom sector, which should drive sector
growth, bring down tariffs and increase connectivity of the Maldives with
the rest of the world.”
Iyad Malas, Director of IFC’s South Asia Department, added, “In addition
to building a relationship with the company, this loan will help improve
telecommunications infrastructure in the Maldives and offer access to more
affordable, high-quality services across the island archipelago.”
Mark Hanna, CEO of Wataniya Telecom Maldives, noted, “We are very pleased
to cooperate with IFC on this project. This loan will finance the construction
of a nationwide GSM mobile telecom network in the Maldives and, through
a majority-owned subsidiary, also purchase bandwidth and buildout landing
facilities for a fiber optic submarine cable.”
The International Finance Corporation, the private sector arm of the World
Bank Group, promotes sustainable private sector investment in developing
and transition countries, helping to reduce poverty and improve people’s
lives. IFC finances private sector investments, mobilizes capital in the
international financial markets, helps clients improve social and environmental
sustainability, and provides technical assistance and advice to governments
and businesses. Its 178 member countries provide its share capital and
collectively determine its policies.
From its founding in 1956 through FY05, IFC has committed more than $49
billion of its own funds and arranged $24 billion in syndications for 3,319
companies in 140 developing countries. IFC’s worldwide committed portfolio
as of FY05 was $19.3 billion for its own account and $5.3 billion held
for participants in loan syndications. For more information, visit www.ifc.org.
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