Negotiation with the world’s largest telecommunications equipment manufacturer Huawei, for the implementation of the Solomon Islands submarine cable project is due to commence.
The Ministry of Finance and Treasury (MOFT) said implementation of the project will commence as soon as the Chief Executive Officer of the Solomon Islands Submarine Cable Company (SISCC) assumes duty.
MOFT said arrangements are now underway for the new CEO to take up the position early next month.
It said Cabinet has awarded the supply and laying of the undersea cable to Huawei.
It adds the Government is committed to this important project and arrangements are underway for a contract negotiation and subsequent signing.
Meanwhile, the statement said SISCC is the company established to implement the submarine cable project.
It said shareholders includes the Solomon Islands National Provident Fund (SINPF) and Investment Corporation of Solomon Islands (ICSI).
Officials from both the Ministry of Fiance and the Ministry of Communication and Aviation are now arranging the financing package for the project.
The statement further adds, the project is long overdue and it is the Government’s wish that it is implemented as soon as practicable.
The project is expected to reduce the cost of communication and make broadband Internet connection efficient, faster and also accessibility available to more users.
SIBC News is aware the project should have been completed two years ago under a Solomon Oceanic Cable Company owned by the Solomon Islands National Provident Fund and Solomon Telekom Company Limited.
It is also understood almost SBD$100,000,000.00 was spent on the project by the two local investors – funds belonging to NPF members.