The government has provided guarantee for two loans secured by the Maldives Fund Management Corporation Limited for the ongoing submarine cable project.
According to the Finance Ministry, the loans were taken from the Bank of Ceylon and were guaranteed in March this year. This includes a loan of MVR 115.6 million and another of $7.5 million (MVR 115.6 million).
The first submarine cable was connected to the landing station in the Maldives in August last year. The work was carried out by Ocean Connect Maldives (OCM), a subsidiary of the Maldives Fund Management Corporation. With the launch of the cable, the speed of internet delivery is expected to increase by eight times, OCM has said.
