Russia’s Space Agency, Roscosmos, plans to secure at least RUR50bn ($1.6bn, or (Euro)1.2bn) worth of low-interest loans from the Bank for Development and Foreign Economic Affairs (VEB).

Roscosmos will use the money to finance priority space projects, the agency’s head, Vladimir Popovkin, said after signing a cooperation agreement with Vnesheconombank.

In particular, the borrowed funds will be invested in building Russia’s new space launch center, Vostochny, in Russia’s Far East.

“We won’t have to borrow at high interest. We will make profit by selling the data obtained by the satellites we launch to foreign customers,” he added.