UK’s CDC invests $12m in Nepal internet service provider WorldLink

Patan Durbar Square, Patan, Nepal/Photo Shaouraav Shreshtha/unsplash

CDC Group Plc., a development finance institution owned by the UK government, has invested as much as NPR 135 crore (approximately $12 million) in Nepal’s largest internet service provider WorldLink, according to an announcement.

The funding, which marks CDC’s first equity investment in Nepal, will help fund WorldLink’s expand its operations across the country and tap remote territories.

WorldLink, headquartered in Kathmandu, was established in September 1995 with the aim of providing Internet and IT services. With 8000km of fiber spread across the country’s most remote places, it is all set to extend its internet services to Karnali, the most mountainous and underdeveloped province in Nepal.

The company, which now has nearly 3000 employees, will use the CDC’s investment to support its hiring of over 1,000 additional employees and develop skills and training programme for all staff and progress health and safety standards.

“This is CDC’s second investment in Nepal this year. We are delighted to be creating long term partnerships in a country where our capital will make a meaningful difference to people’s lives,” said Srini Nagarajan managing director and head of Asia at CDC.

CDC Group plc, that has net assets of £5.8 billion, has invested in Africa and Asia for 70 years.

Earlier this year, CDC provided $15 million, in a three-year loan to NMB Bank, one of the Nepal’s leading commercial banks.

In September, CDC invested in Myanmar Private Equity and Venture Capital Association. Earlier, The UK-based group invested $30 million in Yangon’s internet service provider Frontiir, marking its first direct equity investment in Myanmar.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.