OPIC to Support World’s Longest Subsea Telecommunications Cable
November 5, 2019
(OPIC)
Infrastructure will improve digital connectivity and embrace high-quality
standards across Southeast Asia and the Pacific
BANGKOK — The Overseas Private Investment Corporation (OPIC), the U.S.
Government’s development finance institution, announced that it plans to work
with Trans Pacific Networks (TPN) to support the world’s longest subsea
telecommunications cable, which will span the Indo-Pacific region. The
announcement was made at the 2019 Indo-Pacific Business Forum.
“The internet provides unmatched social and economic benefits, from
facilitating trade, to improving education, and advancing financial
inclusion,” said OPIC’s David Bohigian. “Yet in many regions of the world
where it is needed most, persistent challenges including high costs and outdated
technology restrict widespread adoption of digital connectivity. In order to
fully realize the positive power of the internet, efficient, affordable, and
well-run physical infrastructure is essential.”
The TPN subsea cable will be a critical element of the Indo-Pacific’s digital
infrastructure, ultimately strengthening networks and increasing capacity while
reducing internet costs in the region.
On completion, the TPN cable will be the first subsea route to directly connect
Singapore, Indonesia, and the U.S., and will have the capability to serve
several markets in Southeast Asia and the Pacific. The project will be developed
on terms that prioritize quality, high social and environmental standards, and
financial sustainability.
By improving the availability, quality, and cost effectiveness of internet and
communications technology, the cable will serve as a powerful driver of economic
development and quality of life improvement in the Indo-Pacific. It will advance
U.S. efforts to expand digital connectivity through responsible and transparent
infrastructure development in the region. At the 2018 Indo-Pacific Business
Forum, Secretary of State Mike Pompeo announced the Digital Connectivity and
Cybersecurity Partnership—a whole-of-government initiative to promote an
open, reliable, and secure internet.
The project also advances cooperative efforts between OPIC, Australia’s
Department of Foreign Affairs and Trade (DFAT) and Export Finance Australia
(EFA), and the Japan Bank for International Cooperation (JBIC) to promote
principles-based infrastructure development through their Trilateral
Infrastructure Partnership and newly announced Blue Dot Network initiative.
The announcement comes as OPIC prepares to transform into a new, modernized
agency called the U.S. International Development Finance Corporation (DFC).
Equipped with a more than doubled investment cap of $60 billion and new
financial tools, DFC will have more resources to invest in priority regions such
as the Indo-Pacific and expanded flexibility to collaborate with key partners on
shared goals including quality infrastructure development.
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