Russian bank VTB lends US$134 million to Angola through its Austrian branch

22 April 2016

Russian banking group VTB will lend Angola about US$134 million through its branch in Austria, reported Portuguese news agency Lusa citing a document to which it had access.

The funding will be used to support the Angolan state budget and will be the second loan provided in the past two years.

In 2014 the Angolan government obtained a loan of US$1.5 billion from VTB Capital PLC, of the same Russian banking group, to finance the state budget.

Since mid-2014 Angola has been experiencing a strong financial, economic and currency crisis due to the fall in oil export revenues. It has issued debt to ensure state operations and the implementation of various public projects. (macauhub/AO)