Russia’s Vneshtorgbank plans to enter Angolan market

23 May 2006

Luanda, Angola, 23 May – Vneshtorgbank, the former foreign trade bank for the Soviet Union, plans to enter the Angolan market, Angola’s Private Investment Agency (ANIP) has said.

According to ANIP’s latest newsletter, published Monday, the Russian bank will provide services to diamond company Alrosa, which is also Russian, one of the main companies in the sector in Angola.

The banks customers also include Rosoboronexport, a Russian armament company, ANIP said.

Vneshtorgbank assets at June 30 last year, were valued at US$22 billion.

Through partnerships with other financial institutions, the bank has activities in Algeria, Brazil, Vietnam, Georgia, Israel, India, Iran, Kazakhstan, China, Malaysia, Poland and the Ukraine, amongst other countries.

Alrosa is currently making investments in diamond mining in Cacolo, in Angola’s Lunda Sul province, which is considered to be one with the greatest potential in the country, as well as in Luó, Lunda Norte province, as well as other points in the country. (macauhub)