Russia promises Angola financing in the energy sector

While in the Angolan capital, a delegation of the Russian government expressed its willingness to finance ten billion dollars worth of projects in the country, particularly in the energy sector.

One month after the first Russia-Africa summit, held in Sochi from 22 to 24 October, the Kremlin is continuing its charm offensive towards the continent. While in Luanda on Monday, November 25, where he was received in audience by Angolan Head of State João Lourenço, the Deputy Chairman of Russia’s Parliamentary Committee on International Relations, Chepa Alexey, said that his country will make $10 billion available to Angola to finance various projects, including in the energy sector (construction of hydroelectric dams, wind power generation, solar panels and power transmission lines, etc.). The funds allocated will come from a credit line established jointly by the Russian Federation, the Russian private sector and international investors, reported the Angolan news agency, Angop. The Russian politician, for his part, saw in this aid the promise to « consolidate » the friendship between the two countries, « several decades long ».

Indeed, linked to the Russian Federation by a common communist heritage and a treaty of friendship and cooperation dating back to 1976, Angola is one of Russia’s strongest African allies. Moreover, the southern African country is one of the main buyers of « Made in Russia » on the continent, with nearly $600 million in annual imports, particularly in the strategic areas of defence and security. For their part, Russian operators, such as the Rusal, Alrosa and Lukoil groups, are very active in the Angolan energy and mining sectors.