Crown Fibre Holdings, the Government's broadband network investment vehicle, will have $200 million tipped into its coffers in the coming financial year.
Combined with the allocation from last year's Budget, Crown Fibre Holdings now has $400 million of the $1.5 billion to be allocated to run fibre optic networks out
to homes, schools, hospitals and businesses over the next 10 years.
"This funding will enable Crown Fibre Holdings to start making substantial contract commitments with the private sector to start rolling out the new network on schedule," said Communications and Information Technology Minister Steven Joyce.
The Government expects its investment to be matched by private sector infrastructure builders, currently involved in negotiations with CFH to build the network.
Schools, who are first in line to take advantage of the new networks, are set to benefit from $48.3 million allocated to upgrade internal networks.
Other infrastructure investment outlined in yesterday's Budget include $500 million for the electrification of Auckland rail lines, plus $250 million to maintain the wider network and rolling stock; $337.4 million to increase prison capacity; and $177.4 for new schools and school buildings.
