Google announced to fund O3b Networks, an initiative comprising of 16 satellites that would allow fast but cheap Internet access to “emerging markets” around the equator, (including those from Asia, Africa, Latin America and the Middle East), Information Week reported Wednesday.

"Only when emerging markets achieve affordable and ubiquitous access to the rest of the world will we observe locally generated content, widespread e-learning, telemedicine and (much) more," said Greg Wyler, the project lead. "O3b Network will bring multi-gigabit Internet speeds directly to emerging markets, whether landlocked in Africa or isolated by water in the Pacific Islands."

Initial satellite development would be offered by Thales SA, a French defense company. Regional Internet Service Providers (ISPs) and telecommunications providers would use the internet access in their respected area, according to Information Week. More than 2,000 “transponder equivalents” would deliver Internet connections at speeds of 10 Gbps and the system would be configured in such a way to provide extra satellites if needed.

"O3b Networks' model empowers local entrepreneurs and companies to deliver Internet and mobile services to those in currently underserved or remote locations at speeds necessary to power rich web-based applications," said Larry Alder, Google's Alternative Access Team product manager.

O3b, which stands for “the other 3 billion” has its headquarters in Jersey, Channel Islands, and a technical development department in Englewood, Colorado.

O3b would also be financed by telecommunications provider Liberty Global, HSBC Holdings and banking company Allen & Company.