Funding Proceeds for More GLONASS-K1 Satellites

January 26, 2015  - By
Image: GPS World

News courtesy of CANSPACE Listserv.

According to its in-house newspaper, Siberian Satellite, the joint-stock company “Information Satellite Systems – Academician M.F. Reshetnev” has signed two loan agreements with the Russian VTB Bank (formerly Vneshtorgbank) worth 2.5 billion rubles ($38 million) to finance the production of GLONASS-K navigation satellites.

Presumably, this refers to the decision to produce more GLONASS-K1 satellites as recently announced.

The Russian government owns 61% of VTB.

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