ADB approves K85mil for project

THE Asian Development Bank (ADB) has approved a US$25 million (K85.82mil) investment in a Fiji telco to finance a greenfield 4G mobile telecommunications network in Papua New Guinea.
The investment was made in Fiji’s amalgamated telecom holdings (ATH) subsidiary, ATH international venture (ATHIV).
Infrastructure finance division director for Southeast Asia, East Asia, and the Pacific at ADB’s private sector operations department representative Jackie Surtani said this investment demonstrated their continued efforts to deliver essential and affordable infrastructure services.
“Improved mobile services in PNG will increase domestic and regional connectivity and serve as a powerful access tool for other sectors of the economy such as telemedicine, education and banking.”
ATH chief executive Ivan Fong said: “We are pleased to welcome ADB as a cornerstone investor and key partner in our PNG venture.
“The investment from ADB is a great endorsement for the project and its sponsors, and we look forward to working with ADB to deliver superior technology and services to our customers in PNG, especially those living in remote and low-income parts of the country.”
According to ADB, PNG is the Pacific’s largest but least-developed telecommunications market, with only 11 per cent of the population having internet access.
Boosting digital connectivity in low-income communities, especially in rural and remote villages, would spur economic opportunities and provide better access to digital services in finance, public health and education.
The investment, ADB said, would also improve PNG’s business environment through private sector development and lift investor confidence in the telecommunications sector.
ATH, the project sponsor, is Fiji’s principal telecommunications holding company that pioneered 4G technology in Fiji.
Vodafone Fiji, ATH’s subsidiary, will manage the project rollout and subsequent operations in Papua New Guinea.