Established under the Telecommunications Act last year, the Commission is to promote and regulate competition in the sector as new telecommunication companies enter the market.

Finance Minister Francis Billy Hilly signed the grant agreement with the World Bank, worth nearly $50 million Solomon dollars with about $22 million dollars of the total funding being provided by Australia.

The grant is expected to finance the Telecommunications Commission over the next five years.

Speaking during the signing ceremony, Mr Hilly says the signing marks a major achievement of the C-NURA government.

He says the government had seen that people were missing out under the previous monopolistic telecommunications structure.

Meanwhile, the telecommunications commissioner, Nicholas Williams says this is a substantial support that is sufficient for the commission's purpose.

Mr Williams says that the main emphasis will be on liberalizing the Telecommunications market to allow fair competition in the country's Telecommunications sector.