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The Solomon Islands National Provident Fund provides 1/3 of the funding for the Coral submarine cable

 Last Update: 2023-01-02
 Source: Internet
 Author: User

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The Solomon Islands National Provident Fund (SINPF) has announced that it will provide one-third of the required funding for the Coral submarine cable system, and the rest will be supported
by the Australian government.

Aron Oritaemae, vice chairman of the board of directors of SINPF, said that SINPF's total expenditure on network projects was only 270 million pesos, including a direct equity investment of 116 million pesos for a 49% direct stake in Solomon Islands Submarine Cable, and the remaining 150 million pesos were indirect purchases of long-term development bonds
.

The funding will be used to build an undersea fibre optic cable system connecting Australia and the Solomon Islands, which will span approximately 722 kilometers along the Solomon Islands and connect the provinces of Malaita, Western and Choiseul, helping to improve the quality of the Solomon Islands internet connection, reduce reliance on satellites and reduce costs
.

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