WASHINGTON — U.K. Export Finance, an agency with a long-standing interest in supporting satellite projects but with little to show for it until now, has signed a $325 million loan with Turkey to support two satellites Airbus is building under a 2017 contract.
The loan, provided to the Turkish Ministry of Treasury and Finance, helps fund the Turksat-5A and -5B communications satellites that Airbus Defence and Space is building in the U.K. and in France.
Turksat-5A and -5B are the latest satellites for Turksat, an operator with three satellites currently in orbit. U.K. Export Finance said April 25 that Airbus’ contract, which includes the provision of a ground station, launch services and in-orbit delivery, is worth nearly $500 million.
“UKEF’s support is an important differentiator for companies exporting from the UK, helping them win international business as the government looks to realise the Export Strategy ambition to increase exports to 35% of GDP,” U.K. International Trade Secretary Liam Fox said in a statement.
U.K. Export Finance has generally been overshadowed by export credit agencies more active in the space industry such as BPIFrance (formerly Coface) Export Development Canada and, until 2015, the Export-Import Bank of the United ...