Nepal’s Leading Internet Service provider (ISP) WorldLink gets a huge fund in the name of Foreign Direct investment (FDI) from CDC group of UK. The investment amount is about 12 million dollar which is 1 billion and 350 million (135 crore) in Nepali rupees. The investment has been done by a UK’s developement finance institution called CDC group.
It can be frustrating months ahead for the UK government to take the nation towards Brexit, amidst the parliamentary challenges. The business community in the UK have been more than scared to imagine the consequences of leaving the EU, given that they lose the advantage of being in the EU.
CDC Group, however, has hinted paradigm shift in the UK’s investment and business landscape. Foreign investment done in the Least Developed Country (LDC) has already painted their face as ‘hero’. And they have taken that opportunity to mention Sustainable Development Goals (SDGs) in their website.
As per the published figure, their investment amounts 135 crores Nepali Rupees. With this, Worldlink is expected to aggressively expand the internet network throughout the nation reaching out the most marginalised areas that can have potential entrepreneurs and layman, who get benefit of information revolution.
This makes Wordlink the first internet company to secure foreign investment. CDC group has made the investment in Worldlink as an equity share. As known, CDC group will have 10 percent share in the company. This will help the company to achieve their ambitious project of expanding internet services to all parts of the country. The current funding is CDC’s second investment here in Nepal. The first one is the three year loan of US$15 million to one of the leading bank NMB bank.
CDC group writes in their annoucement as, “Compared to other countries in Asia, access to digital services remains low in Nepal and presents a real challenge for most of the country’s communities and the development of businesses. Improving access to affordable and quality internet is central to Nepal’s development and economic growth, and a key part of UN Sustainable Development Goal 9.”
Source: https://www.nepalitelecom.com/2019/10/worldlink-fund-investment-cdc-uk.html