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Telecomunicaciones Gran Caribe - a company created by Venezuelan state-owned Telecom Venezuela and Cuban telco Transbit - expects an undersea fiber optic cable connecting the two countries to be operational in 2010.
The cable, which will have a capacity of 640 gigabytes, would run 1,550km from La Guaira in northern Venezuela to Siboney in the eastern province of Santiago de Cuba, Venezuelan paper El Universal reported.
With the cable, both companies expect to interconnect with other countries in the Caribbean, such as Jamaica in the first phase and later other countries such as Nicaragua and Haiti.
Telecom Venezuela's president Julio Durán previously said the project would be very important for Cuba. Due to embargos, Cuba has been restricted to using costly satellite communications to connect to the world.
The price tag for the project was not reported, but Venezuelan President Hugo Chávez said last October that the project had received a US$70mn loan from China.