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First EBRD aerospace project signed - Russian Proton rocket to launch Western satellite
The Russian space industry will receive significant support today from a $10.3 million credit facility under an agreement signed today by the European Bank for Reconstruction and Development and Khrunichev State Research and Production Space Center (Khrunichev), a Russian state-owned enterprise. The facility will enable the company to launch a communications satellite, using its Proton rocket, for Inmarsat, the International Maritime Satellite Organisation, scheduled for 1995.
The stand-by credit facility will make funding available to Khrunichev in order to facilitate performance under the Inmarsat-Khrunichev contract, which provides for the design, construction, transportation, testing of the rocket and ignition of the rocket's engines. Inmarsat awarded the contract to Khrunichev after an international bidding process, in November 1992, and which was conditional on the Russian company obtaining suitable banking support.
Ron Freeman, First Vice President of EBRD, said at the signing ceremony, "This project will give a strong signal to the international satellite launching industry that the Russians are present, active and competitive. They have always had the technology and the expertise; now they have the market."
Speaking for Inmarsat, Ramin Khadem, Chief Financial Officer, commented, "Our contract with Khrunichev to provide a Proton launch for one of our Inmarsat-3 series satellites gets a further boost today with the credit support from the EBRD."
Mr Lebedev, Deputy General Director of Khrunichev, said at the signing ceremony, "This project is extremely important for the Russian space industry and for the Khrunichev Center as it opens international commercial markets to our Proton and to other aerospace products and services. We are most grateful to EBRD for their support."
Khrunichev was formed following a merger with Design Bureau Salyut in June 1993 bringing together under one roof space research technology and manufacturing expertise. It is responsible for the assembly of Proton rockets, which have been in operational use since 1965. The Proton rocket has had an overall 92% success rate in over 200 launches, and 95% in the last 20.
The satellite will be one of the five Third Generation Inmarsat-3 satellites to be launched and The Russian space industry will receive significant support today from a $10.3 million credit facility under an agreement signed today by the European Bank for Reconstruction and will have ten times the communications capacity of its predecessor.
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