OREANDA-NEWS. April 01, 2011. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, VTB Bank (Austria) AG, Gazprombank, CJSC Roseximbank and the Republic of Angola represented by the Angolan Finance Ministry entered into a Credit Agreement.

Under the Agreement the banks are extend credit resources for a total amount of 278.46 million US dollars for a period of 13 years.

CJSC Roseximbank acted as an arranger of the credit, VTB bank (Austria) AG – as an agent.

The credit resources are to be used for funding supplies of Russia’s telecommunications equipment to the Republic of Angola under the export contract between Rosoboronexport and the Angolan Ministry of Telecommunications and Information Technologies to build a space satellite communications and broadcasting system of the Republic of Angola (the Angosat project).

This Agreement was signed to build on the Memorandum of Understanding signed in June of 2009 between Vnesheconombank, OJSC Bank VTB, CJSC Roseximbank, the Angolan Finance Ministry and the Angolan Ministry of Telecommunications and Information Technologies.

The Angosat project’s implementation would help to boost high technology production in Russia, promote Russia’s industrial exports in African countries as well as enhance the development of economic scientific and trade cooperation between the Russian Federation and the Republic of Angola.