OREANDA-NEWS. Russia's new telecom satellite Express- AM7 created with VEB's financial assistance was successfully put into a geotransfer orbit by a Proton M launch vehicle coupled with a Briz-M upper stage. The Proton-M LV blasted off on March 19, 2015 at 01:55 (Moscow time) from the Baikonur cosmodrome.

Express-AM7 satellite was built by Airbus D&S under the order of Russia's state satellite communications operator State Federal Unitary Enterprise Space Communications. VEB has been funding this project since 2012 on the principles of project finance through raising funds from HSBC Bank (France) against insurance coverage of the Export Insurance Agency COFACE.

The project's total value is 13.7 billion rubles, with the Bank for Development's credit facilities being 124.6 million euros. The satellite was built and launched under the 2006-2015 federal space program.

Express-AM& will be inserted into a geostationary orbit slot at40 degrees East. Thanks to its improved performance it will provide communications and broadcast services on the territories of Russia, Europe, Africa and South Asia. It is to be used as part of implementing the Federal Target Program "Development of Teleradiobroadcasting in the Russian Federation for 2009-2015" as well as for providing consumers with digital broadcasting services, multimedia and wide band access to the Internet.

The launch and further operation of Satellite Express-AM7 will be instrumental in replacing and developing the Russian orbital group of civil communications and broadcasting satellites and will create conditions for developing new information-communications technologies including providing consumers with a package of triple play services and creating satellite communications networks on the basis of VSAT technology.

Under the Memorandum on VEB's Financial Policies, the rocket and space center as well as information-communications systems are among sectoral top priorities of the Bank's investment activity for 2007-2016. As part of implementing the project about 100 highly qualified job are scheduled to be created.