PARIS — Asian Development Bank’s decision to back two loans totaling $50 million to startup Kacific Broadband Satellites International Ltd., a company with few committed customers and virtually no assets, was ostensibly going against the bank’s lending culture.
It was ADB’s first satellite financing, and it chose a company whose risk profile and lack of customers might have been showstoppers.
“It was anything but the usual stable, long-term project finance structure with a track record from developers, which banks usually like to . . .
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