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EBRD provides Russian political risk guarantee to EUTELSAT for satellite project
The European Bank for Reconstruction and Development (EBRD) is providing a political risk guarantee for one of Russia's largest and most important manufacturers and integrators of satellites, Nauchno Proizvodstvennoe Obiedinenie Prikladnoi Mechaniki (NPOPM). The EBRD is providing an ECU 36 million repayment guarantee to the European Telecommunications Satellite Organization (EUTELSAT), provider of satellite-based international public telecommunications services in Europe, which has contracted NPOPM to build and launch one of its satellites.
Ron Freeman, First Vice President of the EBRD, said: "This is an important step for joint western and Russian development of satellite technology. In providing the guarantee the EBRD assumes Russian sovereign risk while enabling EUTELSAT to insulate itself from certain political risks which could affect on NPOPM's ability to build and launch the satellite. Since NPOPM is state-owned, and in recognition of the importance of the aerospace industry, the Russian Government has agreed to provide a counter-guarantee to the EBRD in the event that the Bank is required to make a payment to EUTELSAT."
Jean Grenier, General Director of EUTELSAT, said: "We appreciate the EBRD's assistance in this important project and we are pleased to be working with NPOPM and Alcatel Espace who successfully competed to manufacture and launch the Siberia Europe Satellite (SESAT). We are confident of their ability to deliver the satellite in orbit to our specifications and on-time. I am especially glad that we were able to utilise the capabilities of one of Russia's premier space companies to coordinate and build this satellite that will be of primary benefit to the Russian Federation, a relatively recent member of EUTELSAT".
Albert Kozlov, General Designer and General Director of NPOPM, said: "This is an important contract for the Russian Federation and for NPOPM. Its importance is reflected by Russia's decision to provide a sovereign counter-guarantee to the EBRD whose political risk guarantee facilitated this project. We hope to follow this with options on the SESAT contract and additional commercial work with western companies."
The SESAT, which will be used to provide telecommunications and television over Russia, Europe and other parts of the world, will be launched in 1998 from the Baikonur Cosmodrome in Kazakstan by a Proton rocket, manufactured by another Russian company, Khrunichev which has also received EBRD financial support. Alcatel Espace, based in Toulouse, France, will manufacture the satellite payload which will be shipped to Russia and integrated with NPOPM's platform and the Proton launch vehicle.
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