Russian bank VTB-Africa grants a further US$1 billion to Angola

23 August 2013

Russian-owned bank VTB-Africa is set to loan Angola over US$1 billion as a credit line, to be managed by the Finance Ministry, for projects included in the State Budget, said the bank’s chief executive.

On the sidelines of the Angola-Russia Business Forum, organised by VTB-Africa and by the Economy Ministry, CEO Amílcar Barros told Angolan newspaper Expansão that “the funding will only depend on negotiations with the Finance Ministry.”

VTB-Africa’s credit lines to Angola total US$2 billion, of which, US$1 billion of which was provided in 2012.

Barros also said that the way in which the funding would be used by various sectors would depend on “government priorities” but added that, given the amount involved, the funding will be used for infrastructure, particularly energy projects.

Barros added that the bank also had financial instruments that would ensure the launch of private projects, notably in the diamond sector which, he said, had already received funding from the bank. (macauhub)