Dhiraagu II

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Dhivehi Raajjeyge Gulhun Public Limited (“Dhiraagu” or the “Company”), is the largest mobile network operator, broadband and digital service provider with more than 50 percent market share in the Maldives (https://www.dhiraagu.com.mv/). The Company offers a comprehensive range of mobile, internet, data, fixed line, and digital television services throughout the Country.The proposed IFC investment involves a debt funding up to US$35 million to Dhiraagu to support the Company’s investment in the: i) international South East Asia–Middle East–Western Europe 6 (“SEA-ME-WE 6” or “SMW6”) submarine cable project, which will connect the Maldives for the first time to a major international cable system; and ii) working capital needs to fund capital expenditure (CAPEX) facilities at Maldives (the “Project”). More specifically, the IFC financing will:Partially finance company’s investment in SMW6. The SMW6 project has about 15 beneficiary business entities or Parties as members of the international consortium that will own, manage, and monitor the SMW6 project through its life cycle. Dhiraagu’s investment in the core system is about 5% and is one of the 15 consortium members. The SMW6 core line is 13,329 km long and has five core landings (France, Egypt, Djibouti, India and Singapore) and seven branch landings (Malaysia, Bangladesh, Sri Lanka, Maldives, Pakistan, Oman and Kingdom of Saudi Arabia).Fully finance company’s direct investment for the construction and operation of the Hulhumale branch of SMW6 international cable system. The branch line will be fully owned and funded by Dhiraagu in the SMW6 consortium. This branch is estimated to be 396km in length and will connect to the core system via a branching unit on the segment connecting Mumbai and Singapore. The landing site will be in Hulhumale in Maldives.Finance the CAPEX items identified for building local telecom infrastructure not related to the international cable system SMW6; and  Working capital requirements.