OREANDA-NEWS. June 29, 2009. In the course of Russian President Dmitry Medvedev’s formal visit to the Republic of Angola, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, OJSC Bank VTB (VTB), Roseximbank, Angola’s Finance Ministry and Angola’s Telecommunications and Information Technologies Ministry signed a Memorandum of Understanding.

Russian banks are planning to further promote cooperation in supporting Russian industrial exports. The Memorandum provides for raising funds of Vnesheconombank, VTB and Roseximbank to finance a project aimed at building a space satellite communications and broadcasting system on the territory of the Republic of Angola.

According to the Memorandum on Vnesheconombank’s Financial Policies providing support for industrial exports and services is one of the main lines of Vnesheconombank’s investment activity.

The signing and further implementation of the Memorandum would help boost economic ties between the Russian Federation and the Republic of Angola.