Report: VEB mulls financing new in-orbit connection satellites–PM

MOSCOW, Aug 9 (PRIME) -- The supervisory board of Russian state bank Vnesheconombank (VEB) is considering financing creation of new in-orbit satellites, business daily Vedomosti reported Thursday citing the board’s head and Prime Minister Dmitry Medvedev.

“We’re talking about the manufacture of new in-orbit satellites of connection, television and radio broadcasting on the basis of the Russian Satellite Communications Company,” Medvedev said at a meeting of the board. He added that participation in the development of digital technologies is one of VEB’s tasks.

Amid rapid evolution of the industry and tough competition, Russian companies should speed up work and “replace obsolete space apparatuses with more powerful ones, more advanced, more high-technological.”

VEB’s money will strengthen positions of local operators on the global market of connection and will support local enterprises of the defense and industry complex, Medvedev said.

President Vladimir Putin said in mid-July that Russia should launch 640 space satellites of the project Sfera, or Sphere, from 2022 till 2028. The country’s active satellite constellation currently counts 150 apparatuses.

End