Angolan government takes on loan to put telecommunications satellite into orbit

31 March 2011

Luanda, Angola, 31 March – The Angolan government Wednesday took on a loan from Russia’s Export and Import Bank of US$278.46 million to be applied to creating a national satellite telecommunications system (Angosat), Angolan news agency Angop reported.

The financing agreement for the Angosat project was signed by the finance minister, Carlos Lopes, and by the chairman of Russia’s Eximbank, Nikolai Gavrilov, representing a syndicate of four Russian banks, specifically the Development and Foreign Trade Bank, Roseximbank and VPD.

The project to create the Angolan satellite (Angosat), including its construction, placing into orbit and operation was approved at a council of Ministers meeting on 25 June, 2008.

The satellite, which will cost US$295 million, is due to be placed into orbit by the Russians in 2012.

Installing the satellite will make it possible to provide international access, support and expansion of broadband Internet services, transmission to telecommunications operators and access to support for television and radio network services. (macauhub)

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