Russian bank to loan US$500 million to Angola

3 September 2007

Moscow, Russia, 3 Sept – Russian state bank Vneshtorgbank (VTB) is preparing a government guaranteed loan OF US$500 million, the bank’s press office said in Moscow.

According to a statement an agreement ahs been signed with the government of Angola to apply the funds to development projects.

Both parties have yet to agree financing terms and sign the loan documents.

The VTB has adopted a pro-active position on developing relations with Angola, having set up the VTB Africa bank in March, in which it has a 66 percent stake.

The Russian government has a 77.5 percent stake in VTB which, according to Russian news agency RIA Novosti, is Russia’s second-largest state bank. (macauhub)