Angola’s VTB África bank can finance projects of up to US$1 billion

2 March 2007

Luanda, Angola, 2 March – Angolan bank VTB-África has the financial capacity to finance projects of up to US$1 billion, without setting up a banking syndicate, its chief executive, Maria de Matos Figueiredo said Thursday in Luanda.

Speaking to Angolan news agency Angop, Figueiredo said that the bank, which began operating Thursday, would be able to finance projects of that value as VTB-África was a branch of the second-largest Russian bank, from which the bank could get the required resources.

The bank, which has initial capital of an estimated US$10 million, 66 percent of which from Russia investors, can provide financing to large projects in the oil, diamond, electricity, communications, public works or other sectors.

Although it had not yet begun operating, the bank received more than 100 projects, which are currently being analyzed, and whose funding requirements vary between US$10 million and US$250 million.

The bank may have another branch in Namibia by the end of this year and later in the Democratic Republic of Congo and Sao Tome and Principe.

VTB-África, is part of a group with a presence in 12 countries, including the United Kingdom, China, the Ukraine, Austria and Switzerland.

The setting up of VTB África was authorized by the Angolan Government in a Council of Ministers meeting on October 25, 2006. (macauhub)