Russia finances Angola with US $10 billion

Russia finances Angola with US $10 billion


Moscow will make this available for various projects in the energy sector but also for road and house construction.

The President of Angola, João Lourenço, received, today, in audience, a Russian delegation headed by the Vice-President of the Parliamentary Commission for International Relations of the Russian Federation, Chepa Alexey. Russia will finance projects in Angola with US $10 billion.

According to Chepa Alexey, in declarations to Angop, the projects are linked to the energy sector, fundamentally, the construction of hydroelectric dams, wind energy production and solar panels. But the funding will also be extended to power lines, road construction, homes and other infrastructure.

The financing comes from a joint credit line, the Russian Federation, the Russian private sector and international investors.

"All this will help strengthen a friendship, which has been around for decades," said the Russian leader, noting that part of his delegation has already scheduled bilateral meetings with representatives of Angolan counterparts.

He also considered the meeting between the Angolan President, João Lourenço, and Russia's Vladmir Putin, in Sochi, during the Russia-Africa Summit, "quite fruitful."

Angola and Russia have had privileged relations since October 8, 1976, the date on which the Treaty of Friendship and Cooperation was signed in Moscow, at the time the capital of the former Union of Soviet Socialist Republics (USSR).

Today, cooperation is most significant in the energy, geology and mining, higher education, staff training, defense and security, telecommunications and information technology, fisheries, transport, finance and banking sectors.