China, Pakistan To Jointly Build $222 Million Satellite: NASDAQ

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.

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