The Russian foreign trade bank said a protocol of intent had been signed with the Angolan government to develop investment projects.
"Under the agreements reached, the parties plan to consider VTB's granting a state-secured $500 million loan to the Republic of Angola for investment in projects that would boost the country's economic development," the bank said.
The parties still have to coordinate the finance terms and sign a loan agreement.
VTB is taking a proactive stance in developing Russian relations with the south-central African country, one of the world's fastest growing economies, largely due to oil production.
Banco VTB Africa SA, the first Angolan foreign-controlled bank, opened in the capital, Luanda, in March, where VTB holds 66% stock. The bank has authorized capital of $10 million and focuses on corporate and investment business in such sectors as processing natural resources, energy, telecommunications, construction and trade.
The Russian government controls a 77.5% stake in VTB.
