The governments of China and Pakistan signed an agreement based on a framework of China providing loans with favorable terms to support Pakistan’s satellite projects. The loans are limited to no more than RMB 1.35 billion and the projects will be implemented by a joint effort between the two countries. A covered communications satellite will be launched in August 2011 with an expected life cycle of 15 years. The Chinese Ambassador to Pakistan Luo Zhaohui said that the Chinese government will continue to support Pakistan’s economic and technological development.
Source: China Economy Net, September 18, 2009.