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Russian ISS spacecraft producer Energia gets $106 mln loan

RIA Novosti

17/11/2008 19:17 MOSCOW, November 17 (RIA Novosti) - Russia's Energia space corporation has received a long-awaited loan worth 2.9 billion rubles ($106 million) from state-run savings bank Sberbank for spacecraft construction, the company said on Monday.

The two-year loan will enable the company to continue producing the Progress cargo ships and Soyuz manned spacecraft used for missions to the International Space Station (ISS).

"The deal was closed on November 14, 2008," Energia said.

Energia President Vitaly Lopota earlier said the government had delayed the loan for several months over a liquidity shortage.

He also said the funds for new spacecraft were allocated from the state budget and would be spent during the first year of construction, while two or three years were needed for a project to effectively produce and modernize Soyuz and Progress ships.

Energia is one of Russia's leading aerospace companies and an experienced developer and producer of aerospace hardware. The company has a good record of achievements, including the Soviet Union's first satellites, the Vostok manned spacecraft, and the Mir orbiting space station.

Energia is also the main contractor for the ISS's Russian segment.