Russian Savings Bank /Sberbank/ credits modernization of Russian orbit satellite group

Russia's Savings Bank /Sberbank/ has decided to give a long-term credit of more than $125 million to the Space Communications company. The credit will be used for financing modernization of the Russian orbit satellite group, said the bank's press service on Tuesday.

The project's total value amounts to $800 million, it provides for creating 6 modern telecommunications satellites that will be launched into a geostationary orbit before the beginning of 2005.

Since 2001, when the Bank decided to take part in the project financing, the total sum of approved credits has exceeded $239 million, out of which 114 million have already been used by the company. The money allowed to create within the set period and to successfully launch the first of the 6 space satellites - satellite "Express-AIR" - on June 10th, as well as to start the production of 5 satellites "Express-AM", said the press service.

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