The company, which employs 160 people, also raised $620 million last year to finance expansion and modernization of its satellite network.

The authority also secured an $80 million bond deal to finance modernization of public housing and met the two-year deadline to obligate funds.

As Soviet enterprises are privatized, a source of capital to finance growth and modernization will be necessary, and capital will have to be allocated prudently, based on risk and return.

The apparent stability of the Porfiriato brought increased capital investment to finance national development and modernization.

While Mao advocated self-reliance, Deng generated foreign exchange to finance modernization.

Companies around the world need money to finance modernization and expansion, and investors in Europe as in the United States are bullish on emerging markets.

The corporation would also have the power to issue long-term bonds to finance modernization.

The new Moscow, he said, is "not going to become a great debtor nation" to finance modernization.

"It's very difficult to finance modernization of a marina because it's hard to demonstrate the ability to pay back the loan," he said.

In December 2006 7% of eligible voters approved a $12.6 million bond issue to finance the expansion and modernization of the local wastewater treatment plant which was built in 1982.