Angola obtains US $278m loan for satellite project

April 4, 2011 at 10:15 am | Posted in Aerospace Law Interfaces | Leave a comment

by Sara M. Langston with the blog faculty

Source: Africa News

Luanda, Angola – The Angolan Government has obtained a US $278.4 million  loan for the installation of the country’s national satellite telecommunication system (ANGOSAT). This follows the signing of an agreement for the ANGOSAT project by the Finance Minister, Carlos Lopes, and the chairperson of Eximbank of Russia, Nikolai Gavrilov, on behalf of a syndicate of Russian banks. The Angolan government expressed satisfaction with the financial cooperation with Eximbank and other Russian banks and wished that the process should grow into a broad cooperation between both financial institutions and the Angolan Ministry of Finance.

Speaking on behalf of the Russia’s syndicate of creditors, Gavrilov said the signing of the agreement was a new era in the economic, political and cultural cooperation between both countries.

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