Minister for Finance and Treasury of Solomon Islands Rick Hou has signed a financing agreement with Asian Development Bank (ADB) and a project agreement with Solomons Oceanic Cable Company (SOC) for the submarine cable project development.
The submarine cable project, which is planned to connect the Solomon Islands to an existing cable network between Guam and Sydney, Australia, is set to boost economic development of the Solomon Islands.
According to Solomon Star news site, Mr. Hou said that the submarine cable would improve internet connections, and that it has full Government support.
For a start, the cable will be pulled across to two provinces, the Malaita and Western Provinces.
The SOC representatives said that the implementation process will start as soon as the financing agreement completes. The implementation is expected to last from 6 to 12 months.
The project will be funded by the Asian Development Fund loan and grant funds, commercial financing from ADB and equity brought in by SOC.
[mappress] Subsea World News Staff, November 16, 2012