The Asian Development Bank (ADB) has approved more than US$17 million dollars for the US$60 million Broadband for Development Project, which will build a submarine cable system.

US$7.5 million dollars will be in the form of a grant and US$10.5 million dollars in loan.

The cable system is expected to deliver good quality high-speed internet services at affordable prices to the people of Solomon Islands.

The Government will lend this entire amount to the Solomon Oceanic Cable Company, which is also seeking private sector loans including from ADB's private sector wing.

The submarine cable system will connect Solomon Islands to an existing international submarine cable network that runs between Guam and Sydney, Australia.

The cable system is expected to be in place by December 2013.