KUALA LUMPUR, Nov 2 — RM1 billion has been allocated to the National Fiberisation and Connectivity Plan (NFCP) by the government to encourage the growth of the digital economy, said Finance Minister Lim Guan Eng.

He said the plan aims to develop broadband infrastructure, to ensure the distribution of spectrum can be implemented more effectively.

"Alongside this, high-speed broadband service is projected to reach 30 Mbps in rural or isolated areas in the interior within five years, enabling Malaysia to reach world-class infrastructure at affordable prices,” Lim said during the Budget 2019 tabling in the Dewan Rakyat.

He also said the government will enforce the Mandatory Standard Access Pricing, which is expected to reduce broadband prices by at least 25 per cent by year’s end.

The NFCP, first announced by Communications and Multimedia Minister Gobind Singh Deo several months ago, is aimed at providing a 98 per cent baseline broadband coverage in populated areas by 2023, as well as providing gigabit-speed internet services for key high-impact and certain industrial areas by 2020 and all state capitals by 2023.