State Corporation ‘Bank for Development and Foreign Economic Affairs’ (Vnesheconombank), VTB Bank (Austria) AG, JSC Gazprombank, Eximbank of Russia and the Republic of Angola represented by the Finance Ministry, have entered into a Credit Facilities Agreement.
Under the agreement, the banks are to provide Angola’s Finance Ministry with USD 278.46 mln credit facilities for 13 years.
Eximbank of Russia is an arranger of the credit, and VTB Bank (Austria) AG is an agent bank.
The credit facilities will be used to finance Russian telecommunication equipment supplies to the Republic of Angola within an export contract between Rosoboronexport, Russian defence export state corporation, and the Telecommunications and IT Ministry of the Republic of Angola aimed at building a space communication and broadcast system for the Republic of Angola (the Angosat project).
The agreement is a follow-up of the Memorandum of Understanding signed earlier in June 2009 between Vnesheconombank, JSC VTB Bank, Eximbank of Russia, and two ministries of the Republic of Angola: Finance Ministry and Telecommunication and IT Ministry.
When implemented, the Angosat project will further encourage hi-tech production development in Russia, stimulate export growth of Russian products to African countries, and also boost economic, research and trade cooperation between Russia and Angola.