- The latest capital takes BII’s total investment in WorldLink to over $20 million.
- One of the largest investments in the Nepalese internet sector. Total foreign investment in the company has reached NRs 3.33 billion (approx. $27.2 million).
- The investment by BII and DIF II will further help to create an additional 1,000 jobs and provide skill enhancement training for the employees.
WorldLink Communications has received an investment of NRs 1.08 billion (approx. $8.4 million) from British International Investment (BII), the UK Government’s development finance institution and impact investor, and NRs 900 million (approx. $6.9 million) from Dolma Impact Fund II (DIF II). The combined investment is one of the largest investments in the internet sector to date in Nepal. In October 2019, BII invested NRs 1.35 billion (approx. $12 million) in WorldLink. With this series of investment, total foreign investment in the Company has reached NRs 3.33 billion (approx. $27.2 million).
As Nepal’s largest private sector internet service provider, WorldLink has more than 750,000 customers and will use the investment to continue its internet expansion activities across the country, with a focus on rural areas. WorldLink is also one of the largest employers in the country with around 5,500 employees, and the investment by BII and DIF II will help to create an additional 1,000 jobs and provide skill enhancement training for the employees.
The capital provided by BII and DIF II will enable WorldLink to provide reliable internet service to more small and medium enterprises and households. Quality and reliable internet is key for the growth of SMEs and will 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 is part of the United Nations Sustainable Development Goals and will also contribute to Nepal’s economic growth and overall development.
Dileep Agrawal, Chairman and Managing Director of WorldLink, commented: “This is the outcome of our dedication for 27 years and trust in the telecom sector. We are not only feeling proud, but we are committed to ensuring that we do not let our investors’ trust turn down. The wholeheartedness shown by BII and DIF II furthers our aim to transform WorldLink into an international level company. This will lead to us becoming a role model for other companies by inspiring them. The partnership has additionally motivated our aim to ‘connect anytime and anywhere’ and provided added excitement to speed up the further expansion of the network.”
Habib Yousuf, BII Regional Director for South Asia, said: “Nepal is an important market for BII in South Asia and we remain committed to forging and supporting partnerships with businesses such as WorldLink that can help deliver productive and inclusive impact across the country. We are extremely proud that our second investment in WorldLink is further supporting their expansion throughout Nepal, reaching more remote territories and connecting hundreds of thousands of households and businesses to reliable and affordable internet. Since our initial investment in 2019, they have increased their reach, creating more jobs and opportunities to stimulate growth within the local economy.”
British Ambassador to Nepal, Nicola Pollitt, added: “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.”
Prof. Tim Gocher OBE, founder and CEO at Dolma Fund Management (the manager of DIF II), said: “Nepal’s best chance at a short-term economic leap is its digital industry. We have seen exceptional growth in our technology investments, with quality employment for over 5,000 Nepalis in AI services alone. But these jobs are largely limited to urban areas where broadband is faster and more reliable. 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.”
ENDS
Notes to Editors:
British International Investment media contact: press@bii.co.uk
