Bank guarantee to support GLONASS development
Academician M.F. Reshetnev Information Satellite Systems – ISS-Reshetnev Company obtained a bank guarantee enabling it to continue working with a view of developing the GLONASS satellite navigation system.
A guarantee exceeding 8.1 billion roubles was issued to the Reshetnev Company by the VTB Bank. The guarantee which is valid till 2021 will enable the company to conduct research and development work within the framework of the GLONASS state contract without having to use substantial amounts of working capital.
ISS-Reshetnev Company is prime contractor responsible for the space-based complex of the GLONASS global satellite navigation system. To develop the system, the company is currently building advanced Glonass-K and Glonass-K2 navigation satellites featuring increased capabilities and technical characteristics.