Bangabandhu-I satellite loan deal signed

Bangladesh Telecommunication Regulatory Commission (BTRC) has signed a €157.5 million loan agreement with Hongkong and Shanghai Banking Corporation (HSBC) for launching the country's first ever commercial and broadcast satellite Bangabandhu-I. BTRC Chairman Dr Shahjahan Mahmood and HSBC Bangladesh Deputy Chief Executive Officer M Mahbub Ur Rahman inked the deal on behalf of their respective sides. As per the agreement, HSBC will provide the fund at an interest rate of 1.51% and the government will repay the amount in 20 installments in 12 years. State Minister for Posts and Telecommunications Tarana Halim and France Ambassador to Bangladesh Sophie Aubert were present during the agreement signing ceremony. Talking to the Dhaka Tribune after the deal signing session, Tarana Halim and Sophie Aubert expressed hope that the satellite would be launched within the estimated time. On November 11, 2015, the telecom regulator signed the Tk2,967 crore agreement with ThalesAlenia Space, awarding the French firm work order for manufacturing and launching Bangabandhu I. Of the amount, Thales Alenia Space will provide TK1,652 crore while the rest of the amount will be arranged by the government. As per the agreement, the ThalesAlenia Space will manufacture, launch and maintain the satellite for providing communication and broadcast services. Once the satellite is launched into orbit, it is expected to help the country save $14m annually. The government can also earn by renting the satellite out. The government wants to launch the satellite on December 16, 2017, on the occasion of the 45th anniversary of the country's victory in the Liberation War.