Remote areas of small island nations in Asia and the Pacific, the Philippines included, are seen to benefit from the recently signed $50 million satellite financing agreement between the Asian Development Bank (ADB) and Kacific Broadband Satellites International Limited (Kacific).

In a statement issued on Monday, the ADB said the agreement will provide affordable satellite-based, high-speed broadband internet connection to countries in regions where internet connectivity is lagging.

The Asia-Pacific Remote Broadband Internet Satellite Project will help make broadband internet connection more widely available to countries in the region.

ADB said more than 2 billion people in the region do not have reliable internet access due to inadequate infrastructure, geographical challenges, and the high cost of services.

“Better access to reliable, high-speed internet can help improve education services, expand access to information, attract investments, reduce rural-urban development gaps, enhance trade and connectivity, and stimulate local economies,” ADB Director General for Private Sector Operations Michael Barrow said.

“It will also help improve communication, especially during emergencies and times of disaster when terrestrial networks might be damaged.”

The financing comprises loans from ADB and Leading Asia’s Private Infrastructure Fund (LEAP), which is administered by ADB.

Established in March 2016 with support from the Japan International Cooperation Agency, LEAP is one of ADB’s co-financing vehicles dedicated to private sector infrastructure in Asia and the Pacific.

According to Kacific Founder and CEO Christian Patouraux, ADB’s involvement has helped secure the necessary financing for the 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,” Patouraux said.