Russia's space agency will borrow up to 50 billion roubles ($710 million) in 2023 to fund a mass satellite-building programme to catch up with the United States and China, the organisation said on Tuesday.
Roscosmos said it would place publicly traded bonds on Russia's financial markets throughout next year to boost its capacity to produce and launch satellites both for the Russian government and private companies.
Roscosmos head Yuri Borisov said in an interview with the Vedomosti business paper on Wednesday that the organisation planned to fund the building of two factories to produce satellites.
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