Azerbaijan expects to launch its first satellite by the end of 2012, AZE.az reports.
The Azerspace satellite will be provided with $4.6 million annually for financing. Its budget for 2012 is under discussion in parliamentary committees.
Expenses will rise by 75.3% or 1.5 million manats, compared with 2010. Finances will be issued by the Azercosmos Company. Arianspace (France) will launch the satellite.
The Azerspace satellite will be produced by the Orbital Sciences Corporation (USA), it will be positioned 46 degrees east longitude, according to a deal with the Malaysian operator MEASAT.
BNP Paribas (French bank) issued a loan worth $116.6 million to Azerbaijan under guarantees of US Ex-lm.
The project is worth $120 million, 15% of the sum will be paid from state budget. The satellite is worth $94 million, 85% of them will be financed from credits.
Azerbaijan is negotiating a loan worth $80 million from Societe Generale and SMBC 9France), with COFASE as a possible guarantor.
