ISLAMABAD -(Dow Jones)- Pakistan said Friday its space agency will build a communication satellite jointly with a Chinese state-run company.
"The project costs $222 million," a statement from Pakistan's economic affairs division said.
China has agreed to fund this project with a 20-year loan, it said.
Pakistan Space and Upper Atmospheric Research Commission and China Great Wall Industry Corp. will jointly develop the PAKSAT-IR satellite in about three years.
The new satellite will replace an existing satellite which is likely to expire in 2011, the statement said.
"The project costs $222 million," a statement from Pakistan's economic affairs division said.
China has agreed to fund this project with a 20-year loan, it said.
Pakistan Space and Upper Atmospheric Research Commission and China Great Wall Industry Corp. will jointly develop the PAKSAT-IR satellite in about three years.
The new satellite will replace an existing satellite which is likely to expire in 2011, the statement said.
