The Asian Development Bank (ADB) said it signed a $50-million agreement with Kacific Broadband Satellites International Limited to expand connectivity in the Asia Pacific.
The venture especially targets remote areas of small island nations in the Pacific and larger island nations like Indonesia and the Philippines. This is ADB’s first satellite financing, the bank said.
In a statement, the ADB said the agreement will help make broadband internet connections more widely available to countries in the region.
“Better access to reliable, high-speed internet can help improve education services, expand access to information, attract investments, reduce rural-urban development gaps, enhance and trade and connectivity, and stimulate local economies,” said ADB Director General for Private Sector Operations Michael Barrow.
“It will also help improve communication, especially during emergencies and times of disaster when terrestrial networks might be damaged,” he added.
Kacific is in the business of wholesale connectivity, serving telecommunications operators, internet service providers, governments, and other service providers.
Founded in 2013, Kacific is backed by a group of investors experienced in global telecommunications and infrastructure. It has offices in Australia, Singapore, and Vanuatu.
“ADB’s involvement has helped secure the necessary financing for this highly developmental project. The benefits of connectivity are life-changing—from increased tourism, access to information, financial services, to health care and education for many remote communities in the region,” said Kacific founder and CEO Christian Patouraux.
The project will support the construction, launch, and operation of a shared geostationary earth orbit, high-throughput satellite, Kacific-1.
The satellite is scheduled to be launched by Elon Musk’s SpaceX this December 2019, and will be operational in early 2020.