The Ministry of Finance has started scrutinising the six financial offers received from the multinational banks and firms, willing to finance the launching of the country’s first-ever satellite called “Bangabandhu-1’’.
Being the first company, top officials of China Great Wall Industry Corporation (CGWIC) have recently held a power point presentation at the finance division auditorium.
Finance minister AMA Muhith himself witnessed the presentation, which was held on Wednesday last.
“Now it’s up to the finance ministry to decide as to whether it will go for floating any fresh tender or choosing any of the firms so far expressed interest in launching the proposed satellite.’’
The presentation was attended, among others, by the vice-president and general manager of the technology application division of the CGWIC Huang Yagang, its chief engineer and general manager of space systems division Hu Gang and vice-president and general manager of the launch services division Fu Zhiheng.
According to the CGWIC proposal, the proposed satellite will be launched in the orbit within 30 months with a total weight of 5.1 ton and the expected life time of the satellite will be 15 years.
By this time, orbit slot will be allocated by the International Telecommunication Union (ITU) as per the Chinese company’s presentation.
Bangladesh government will have to give the sovereign guarantee with 85-95% support from the Chinese Exim Bank, according to the proposal.
“Bangladesh government will be the borrower with an interest rate of 2%. One-time management charge is 3% fixed by the CGWIC while the commitment charge will be 15%,’’ says the power point presentation.
A total of six multinational banks and firms have expressed interest in financing the launching of Bangladesh’s first satellite Bangabandhu-1.
According to the posts and telecommunications ministry officials, the Finance Division and the Economic Relation Division (ERD) authorities are now scrutinising the financial offers of the Export-Import Bank of USA, HSBC France, Japan Bank for International Cooperation, CWG Gulf International of the UK, and China Great Wall Industry Corporation.
The Finance Division and the ERD had also sought a business plan and cash-flow chart for the Bangabandhu-1 Satellite Launch Project from the ministry concerned, they said.
The government has already spent Tk86 crore for paying the foreign consultants’ fees for the specialised project even before starting the main project work.
Posts and Telecommunication Secretary Abu Bakar Siddique had earlier said: The finance division and the ERD now have all the relevant documents on business plan and cash flow chart to make the final decision about the matter.
The Bangladesh Telecommunication Regulatory Commission (BTRC) had sent a project proposal to the telecommunication ministry in January, 2014.
According to the project proposal, the total cost of the project will be Tk3,200 crore, out of which, the BTRC will finance Tk1,555 crore while the rest of the funds will come from foreign sources.
Established in 1980, China Great Wall Industry Corporation (CGWIC) is the sole commercial organisation authorised by the Chinese government to provide satellites, commercial launch services and to carry out international space cooperation.
As a professional company promoting international cooperation for China’s space industry, CGWIC is devoted to the internationalised development of China’s space industry.
CGWIC has developed into a system integrator for space products and services. It can meet customers’ multi-directional needs by providing comprehensive solutions for commercial launch services, satellite export, satellite ground tracking and control station construction, satellite applications, project financing, project insurance and technical training, etc.
