Azerbaijan repays credit obligations on Azerspace-1 satellite

Azerbaijan last year fully repaid loan obligations on its first satellite, Azerspace-1, Azernews reports, citing the Ministry of Digital Development and Transport of Azerbaijan.

Credit liabilities in the amount of $116.6 mln for the production of the satellite and $89.6 mln for its launch (a total of $206.2 mln) have been repaid.

Azerbaijan’s income from telecommunication and optical satellite services to date has totalled more than AZN 550 mln. The Space Agency (Azerkosmos) provides services to more than 200 clients from 50 countries in Europe, Africa, the Middle East, and Central Asia through telecommunication satellites and space solutions.

Recall that on April 12, 2021, mankind celebrated the 60th anniversary of the first human space flight. Azerbaijan became a member of the world space club 11 years ago – after the successful launch of the first telecommunications satellite, Azerspace-1, from the Kourou Cosmodrome in Guiana (South America).

As it traditionally happens at the beginning of all major investment endeavours in Azerbaijan, there were plenty of doubts about the efficiency and commercial benefits of these “space” projects.

As a reminder, today three Azerbaijani satellites have already been launched into orbit to fulfil various purposes: Azerspace-1 (2013), Azersky (2014), and Azerspace-2 (2018).

However, time has shown how the money spent has justified itself to the last penny, and not only from an economic point of view. Thanks to these satellites, Azerbaijan gained a significant advantage over its enemies during the Second Garabagh War, and today we use them to accelerate reconstruction work in the already liberated territories. Three satellites in 4 years