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- Where we work
- Wataniya Telecom Maldives Private Limited
Wataniya Telecom Maldives Private Limited
Maldives
| Borrower | Wataniya Telecom Maldives Private Limited (WTM) |
| Financing Type | Private Sector & Trade Finance |
| Instrument | Private Sector Debt |
| Focus Area | Telecom |
| Approved | 20.09.2005 |
| Signed | 25.11.2005 |
| Status | Completed |
| Loan Administrator | OPEC Fund |
| Co-financiers | IFC, Local Debt, Equity |
| OPEC Fund Contribution (US$m) | 7.00 |
In February 2005, Wataniya Telecom Maldives (WTM) was awarded a license to become the country’s second mobile telecom operator. WTM used OFID's loan to co-finance the launch of a GSM network to provide good quality mobile coverage throughout the country and facilitate the use of services such as text and multimedia messaging, email and the Internet. This will benefit both the local population and the country’s large influx of tourists. WTM will also be part of a group that installs fiber-optic submarine cable to develop an international gateway in the Maldives.