The western region is set for an economic boost after the promoters of a high-speed fibre-optic network between New York and Co Mayo secured funding for the multi-million euro cable and planning approval to land it in Killala.

Aqua Comms, a Dublin-based firm, disclosed in filings to the Companies Office that it has agreed a $125 million (€116.5 million) loan with Nomura International, the global banking giant.

The initial phase of the project will cost $300 million but there are plans to bring the cable onward to the European mainland.

The development of the cable, which will be the first fibre connection between Ireland’s western seaboard and the US, will provide key infrastructure for data centres and cloud computing investments in the western region. Construction begins in the summer and the system should be ready for use early next year.

Statutory filings made in recent days by Aqua Comms, which declined to comment on the project, cited engagements with Microsoft’s Irish unit and other US groups such as CenturyLink Communications and Edge Network Services.

In the past fortnight, Mayo Council Council granted conditional planning approval for a cable landing station at Tawnaghmore near Killala Business Park. The backers of the plan are likely to make their plans public in coming days.