The Andean development corporation Corporación Andina de Fomento (CAF) has approved US$36m of funds towards the Argentinean government’s protracted satellite project ArSat.
CAF stated that the US$36m will be used “to support design, construction and…
The Andean development corporation Corporación Andina de Fomento (CAF) has approved US$36m of funds towards the Argentinean government’s protracted satellite project ArSat.
CAF stated that the US$36m will be used “to support design, construction and placing in orbit of a fleet of communications satellites.” CAF estimates that the total cost of the project will be US$723m, covering the construction and placing in orbit of a fleet of three geostationary satellites to be launched between 2011 and 2014.
CAF President & CEO Enrique García said: “Argentina will have the capacity to place its own satellites in geostationary orbits. The fleet will provide the complete range of services which the industry currently offers, at the same time as reaffirming the sovereignty of the country by preserving its orbital positions which is a priority of this CAF partner.”
Established in 1970 in Venezuela, CAF claims to be the main source of multilateral financing in the Andean region. Its shareholders are 18 countries from Latin America and the Caribbean as well as Spain, in addition to 14 private banks in the region.
Back in mid-2008, the Argentinean government has signed the construction and launch contract for ArSat’s first spacecraft, ArSat-1, which is due to be launched by the National Institute of Applied Research by year-end 2011. This first satellite was expected to cost approximately US$270m of which the state would fund US$54m, with remainder secured via loans from the Inter-American Development Bank.
