According to the organisation, Russia’s space agency will borrow up to 50 billion roubles ($710 million) in 2023 to finance a massive satellite-building effort to catch up with the United States and China.
In order to increase its ability to develop and launch satellites for the Russian government and commercial businesses, Roscosmos announced that it would issue publicly traded bonds on the country’s financial markets throughout the course of the upcoming year.
The space agency has launched a number of satellites into orbit this year, including Iran’s Khayyam imaging satellite and Russia’s GLONASS radio-based satellite navigation system, which are both seen as potential competitors to the U.S. global positioning system (GPS). The launch of Iran’s satellite sparked concerns in the West that it could strengthen Russia’s military capabilities in Ukraine.
In an interview with the business newspaper Vedomosti on Wednesday, Roscosmos director Yuri Borisov stated that the organisation intended to finance the construction of two facilities to make satellites.
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