Azerspace satellite construction project to be ready by late 2011
Azerbaijan, Baku, April 19 / Trend H.Valiyev /
The Azerspace construction project will be ready by late 2011.
The satellite's manufacturer is the U.S. Orbital Sciences Corporation.
The company attracted contractors produce the satellite's individual components.
The construction operations will be fully completed by September 2012.
According to a source, a loan agreement was to be signed in mid-April, but has been postponed.
The satellite's production cost is $120 million, 85 percent of which will be given to Azerbaijan as a loan from the U.S. Ex-Im. The remaining 15 percent will come from public funds.
The bank decided to finance Azerspace in January.
According to U.S. law, if the loan amount exceeds $100 million, it should be considered by the U.S. Congress. The document has already been sent to Congress for approval.
The bank will provide the funds to Azerbaijan after the loan has been approved.
After the internal procedures at Ex-Im are finished, Azerbaijan will adopt a document that will guarantee the government support.
The transaction is expected to be financed over two years with a 10-year repayment period.
Azerspace's manufacturer is Orbital Sciences Corporation. An orbital position for Azerspace has been leased from the Malaysian MEASAT satellite operator. The French Arianspace has started to manufacture the Ariane 5 ECA rocket carrier, which will launch the first Azerbaijani telecommunications satellite into orbit. The launch is scheduled for the fourth quarter of 2012.