Creation of a Satellite Communications System in Angola
Vnesheconombank, VTB Bank (Austria) AG, Gazprombank and Eximbank of Russia will extend a loan to the Ministry of Finance of the Republic of Angola.
The banks and the Republic of Angola represented by its Ministry of Finance have made a Loan Agreement.
Under the Agreement, the banks will provide the Angolan Ministry of Finance with an up to 13-year loan for a total of US$ 278.46m.
Eximbank of Russia is the loan arranger, while VTB Bank (Austria) AG acts as the payment agent.
The loan will be used to finance supply of Russian telecommunication equipment to the Republic of Angola under an export contract between Rosoboronexport and the Ministry of Telecommunications and Information Technologies of the Republic of Angola for construction of a space satellite communications and broadcasting system in Angola (Angosat Project).
This Agreement has been signed in furtherance of the Memorandum of Understanding signed in June 2009 between Vnesheconombank, VTB Bank, Eximbank of Russia, the Angolan Ministry of Finance and the Ministry of Telecommunications and Information Technologies of the Republic of Angola. Implementation of the Angosat project will contribute to bolstering knowledge-intensive production in Russia, promotion of exports of Russian industrial products to African countries and development of economic, research and trade relations between the Russian Federation and the Republic of Angola.