Kosmicheskaya Svyaz to get Sberbank loan for purchase of communicationssatellite
MOSCOW. May 7 (Interfax-AVN) - The Russian state company
Kosmicheskaya Svyaz (Space Communications) has signed loan agreements
with Russia's Sberbank worth a total of 6.2 billion rubles for funding
its costs related with the production and launch of satellites, the
company said in a statement on Wednesday.
Kosmicheskaya Svyaz "signed loan agreements with the Russian
Sberbank worth a total of 6.242 billion rubles for funding its costs
related with the manufacture and launch of Express-MD1, Express-MD2, and
Express-MD4 communications satellites, as well as for the funding of
insurance costs for the Express-AM44 and Express-MD1 satellites," the
company said.
"According to these agreements, Kosmicheskaya Svyaz will repay the
loan for satellite construction before 2011, and will fulfill its
obligation to repay the money borrowed for spacecraft insurance in
2014," the statement said.
The money allocated to Kosmicheskaya Svyaz from the federal budget
in 2008-2010 for covering the costs related with the construction of
Express-MD1, Express-MD2, and Express-Am4 satellites will be used for
repaying the loans granted by Sberbank.
The company is planning to launch Express-AM44 and Express-MD1
together in August 2008, Express-MD2 will be launched in 2009. Express-
AM4 is due to be sent into orbit in the second half of 2010. The
satellites construction is part of Russia's federal space program for
2006-2015.
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