October 26th, 2019
WorldLink Communication Limited, one of the largest Internet service providers in Nepal has brought in $ 12 million, which is 1 Arba 35 Crore Nepalese rupee as foreign investment. CDC Group, a UK based development finance company, made the investment in WorldLink.
With this investment, WorldLink has become the first company to expand overseas in the field of Internet service. According to WorldLink, the foreign investment received will be used to provide high-level Internet access to the country’s most remote villages. The investment was made by CDC, owned by the British Government, to support WorldLink’s ambitious plan to expand Internet services across Nepal. CDC invested the amount in the equity approach and has been given 10% share.
According to the CDC, its investment is believed to help thousands of homes and small entrepreneurs connect to the Internet in more remote areas of the country. “Digital services in Nepal are less accessible than other countries in Asia,” the CDC spokesperson said, adding that most of the communities and businesses in the country have failed to develop due to the same reason. Therefore, the company has expressed confidence that their investment will aid in Nepal’s development and economic growth by improving convenient and cheaper access to internet services.
“We are confident that the Internet service will serve as a bridge to help the community get free from poverty,” said Srini Nagarajan, Managing Director and Asian Head of CDC. He added, “CDC’s capital will help to make internet services faster and more comparable to global-standards, help to serve it in far-flung areas, and even increase staff growth”
WorldLink Managing Director Dilip Agarwal expressed his pride at being the first share investment partner of Nepal for the CDC and vowed not to undermine their confidence towards the company. “It is also our belief in the industry of telecommunications of Nepal and product of our 24 years long hard work,” he said, adding that the investment of the CDC is crucial to transform the focus of WorldLink into a global company.
WorldLink has recently managed to provide Internet access to remote areas of the country, by laying out 8000 kilometers of fiber. Likewise, WorldLink is also working to expand fiber through government grant schemes. In the meantime, new investments will help to expand their self-esteem more effectively, Agrawal said. According to him, the partnership has added extra enthusiasm to fulfill the company’s mission of ‘connecting anywhere’.
Head of DFID Nepal Office Lisa Hohn said the benefits of reliable Internet access in rural Nepal are unlimited. This new initiative between CDC Group and WorldLink will help improve access to improved healthcare, education, information and access to financial services and bring a change in the relationship between people and businesses in Nepal. “CDC provided US $ 15 million loan support to NMB Bank for three years earlier this year and now we are glad to have invested in World Link as well.”