28th November 2024, Kathmandu
WorldLink Communications Ltd., Nepal’s largest internet service provider, and a leading ICT company, has secured a significant investment of €10 million from Finnfund, Finland’s government-owned investment company.
WorldLink’s Digital Leap
The funding will be utilized to further expand WorldLink’s fiber network across Nepal, with a focus on improving broadband connectivity in both urban and rural areas.
The Finnfund investment comes at a crucial time when nearly half of Nepal’s population still lacks access to broadband internet. The project aims to bridge this digital divide, enhancing Nepal’s connectivity and contributing to its economic growth through state-of-the-art data centers.
The investment agreement was signed on 13th Mangsir 2081 at a special event in Kathmandu, attended by Finland’s Minister for Foreign Trade and Development, Ville Tavio, along with Dilip Agarwal, President of WorldLink, and Kutti Kilpalein, Senior Investment Manager at Finnfund. During the ceremony, both parties expressed their commitment to utilizing advanced technologies to enhance the digital infrastructure in Nepal.
Key Highlights of the Partnership:
€10 Million Investment: Finnfund’s funding will support the expansion of WorldLink’s existing fiber optic network, offering a faster, more reliable internet service to underserved areas of Nepal.
Enhanced Connectivity: As of now, a significant portion of Nepal’s population, especially in rural and remote areas, lacks access to affordable and reliable internet. The project aims to provide high-speed, affordable internet to these communities, thereby contributing to bridging the digital divide.
Collaboration with Nokia: WorldLink will leverage cutting-edge technology from Nokia, a Finnish technology provider, ensuring the most reliable and high-speed internet services for its customers.
Focus on Data Centers: As part of the investment, WorldLink is also expanding its data center infrastructure, which will not only benefit its customers but also provide valuable services to other internet service providers, telecom companies, and both public and private sector institutions in Nepal.
Environmental and Social Responsibility: Finnfund emphasized its commitment to supporting WorldLink in managing environmental and social risks during the construction of the data centers, ensuring the sustainability of the project.
WorldLink’s Commitment to Digital Transformation
WorldLink Communications, which already has a 35% market share in Nepal’s broadband sector, has long been at the forefront of internet service provision in the country. The company currently serves over 900,000 households across 73 districts in Nepal, and with this investment, it aims to further expand its reach to more remote areas, ensuring inclusive digital access for all.
Dilip Agarwal, President of WorldLink, emphasized, “Finnfund’s investment will be a cornerstone in our mission to provide fast, reliable, and affordable internet across Nepal. With this funding, we aim to expand our fiber network and establish world-class data centers, which will reduce the digital gap between urban and rural areas and accelerate Nepal’s digital transformation.”
WorldLink’s Achievements and Global Investment Strategy
WorldLink Communications has already attracted foreign investments through partnerships with British International Investment (BII) and Dolma Impact Fund (DIFI), becoming the first and only internet service provider in Nepal to receive such investments. The company has been consistently recognized by the government for its significant contributions to the economy, including being honored for its role as one of the largest tax-paying companies in the country. WorldLink’s efforts in digital transformation have also earned it several prestigious awards, such as the Digital Transformation Award from the Asian-Oceanic Computing Industry Organization (ASOCIO).
About Finnfund
Finnfund is Finland’s development finance company, operating under the Ministry for Foreign Affairs of Finland. It is a key investor in sustainable business ventures aimed at solving global development challenges. Finnfund focuses on investments in renewable energy, sustainable agriculture, financial institutions, and digital infrastructure, particularly in emerging markets in Africa, Asia, and Latin America. Finnfund aims to contribute to sustainable development by supporting projects that generate profitable and measurable social and environmental impacts.
Conclusion
This landmark investment by Finnfund is set to play a pivotal role in transforming Nepal’s digital infrastructure and enhancing the accessibility and reliability of internet services across the nation. As WorldLink Communications continues to expand its services, it is poised to lead Nepal’s digital revolution, connecting millions of people and contributing to the country’s long-term economic growth.
For more: WorldLink’s Digital Leap
