Nepal Purbadhar

सोमवार, बैशाख ३, २०८१
Monday, April 15, 2024

सोमवार, बैशाख ३, २०८१
Monday, April 15, 2024

WorldLink receives British investment worth Rs 1.98 billion

KATHMANDU: In the largest investment in the internet sector of Nepal, WorldLink Communications received a British investment worth Rs 1.98 billion through two agencies. A joint press release issued by three agencies on Monday states that an investment of Rs 1.08 billion was received from British International Investment (BII), the UK Government’s development finance institution and impact investor and NRs 900 million from Dolma Impact

In October 2019, BII had already invested NRs 1.35 billion in the Company. With this series, total foreign investment in the Company has reached NRs 3.33 billion.

Nepal’s largest private sector internet service provider with more than 750,000 customers will be injecting the investment to speed up its internet expansion activities across the country focusing on rural areas. WorldLink is one of the largest employment providers in the country, as it currently provides employment for around 5,500 employees. The investment by BII and DIF II will further help to create an additional 1,000 jobs in the company and provide skill enhancement training for the employees.

BII and DIF II also expect that the investment will help to expand skill development and training programs and to progress in health and safety standards.

The capital provided by BII and DIF II will speed up internet expansion activities. WorldLink will provide reliable internet service to small and medium enterprises and households. Quality internet will not only support the development of enterprises but also connect them with the international market.

Compared to other Asian countries, Nepal’s reach in digital access is low which has created real challenges in the development of communities and businesses. Improving access to affordable and quality internet for the general public will contribute to Nepal’s economic growth and overall development. It is also one of the Sustainable Development Goals of the United Nations.

“We are not only feeling proud, but we are committed that we will not let the investor’s trust turn down. This is also the outcome of our dedication for 27 years and trust in the telecom sector. The wholeheartedness shown by the BII and DIF II makes its aim to transform WorldLink into an international-level company.

This will lead to becoming a role model for other companies by inspiring them. The partnership has additionally motivated our aim to ‘connect anytime and anywhere’ and provided further excitement to speed up the further expansion of the network” said Dileep Agrawal, Chairman, and Managing Director of WorldLink.

“We continue to be impressed by WorldLink’s expansion and impact under the leadership of its experienced founders and the management team. Since we invested in the company in 2019, they have significantly increased their reach, connecting thousands of households and businesses to the internet,” said Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII.

“I am delighted to see BII continue its support of WorldLink as they strive to provide increased internet access across the country. Digital transformation is a key factor in sustainable economic development in Nepal and investments such as this are key to supporting households and businesses throughout the region,” said Nicola Pollitt, British Ambassador to Nepal.

Prof. Tim Gocher OBE, founder and CEO at Dolma Fund Management said, “Our investment in Worldlink, alongside our partners BII, will enable those jobs to reach more areas, resulting in broader participation in the global digital economy, along with better access to health, education, financial and business to business services.”

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