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Russians help Angola to set up external trade bank
The Angolan and Russian business sector are working together to set up an external trade bank (VTB-Africa), aimed at financing huge projects in Angola and Africa.
A senior member of the managing board of the future financial institution, Carlos Sumbula, said that the bank will be an Angolan bank, but with the relevant participation of Russian Federation capital. He said that the documents for the licensing of the VTBAfrica have been submitted to the National Reserve Bank, who will later relay the file to the Cabinet Council for approval.
According to Sumbula, in addition to a strong presence in Angola as its headquarters, the bank will also possess a pan-African dimension as it has been given the brief of opening branches in all African countries south of the Sahara.
Having been designed as a bank of universal features, he explained, VTB-Africa will seek to finance, in the ongoing stage of reconstruction of Angola, projects of great economic impact like the construction of dams, roads, bridges, railways, extractive industry and others.
With a social capital of Usd 10 million, 66 percent of the shares belong to the Vneshtorbank – Russia’s External Trade Bank, while 34 percent will be held by Angolan businesses.
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