Canada and Quebec Offer Telesat $2 Billion Loan for Satellite Production

Published on September 14, 2024

Ottawa has offered more than $2 billion to expand Canada’s space program with a low-Earth orbit satellite project which it says will bring more high-speed internet to consumers. Prime Minister Justin Trudeau made the funding announcement for Telesat, alongside Quebec Premier François Legault. The province is putting $400 million into the project, according to a Sept. 13 Telesat news release. “This is exciting for Montreal that continues to be a leader in aerospace, and it’s exciting for Canada that continues to be out there, connecting the world,” Trudeau said during a Sept. 13 news conference. The $2.14 billion from the federal government will be a loan, according to Telesat. The money is expected to be paid back within 15 years with a 4.75 percent interest rate, the news release said....

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