President Engages Russian Bank, Agency To Boost Trade And Investment

President Emmerson Mnangagwa has held discussions with Russian financial institution PSB Bank and Rossotrudnichestvo on the sidelines of the 3rd Russia-Africa Summit in Moscow, as Zimbabwe moves to strengthen economic cooperation with Russia.

The engagements focused on expanding trade, attracting investment, securing strategic financing and strengthening cooperation in human capital development.

In a statement, President Mnangagwa said Zimbabwe was positioning itself to translate its diplomatic relations with Russia into practical economic benefits.

“Zimbabwe remains open for business. Backed by a robust 8.3% economic growth rate, we are deepening our practical partnerships in trade, investment, and strategic financing,” he said.

The President said his engagements with PSB Bank had resulted in a proposal to establish a joint technical working group involving the bank, Zimbabwe’s Ministry of Finance and the Reserve Bank of Zimbabwe.

The proposed working group is expected to explore ways of improving trade financing and supporting commercial transactions between the two countries.

“We are translating political goodwill into tangible projects by proposing a joint technical working group with PSB Bank, the Ministry of Finance, and the Reserve Bank of Zimbabwe to drive trade finance,” Cde Mnangagwa said.

He added that Zimbabwe was also following developments within the BRICS grouping, particularly initiatives aimed at developing national payment systems.

The discussions come as Zimbabwe seeks to broaden its international economic partnerships and improve access to financing to support trade and investment.

Beyond economic cooperation, President Mnangagwa highlighted the role of education and skills development in strengthening relations between Harare and Moscow.

He said more than 1,000 Zimbabwean students were studying at Russian universities, pursuing courses in key fields such as science, medicine and technology.

“Beyond economics, our bilateral friendship remains firmly anchored on human-capital development. With over 1,000 Zimbabwean students studying at Russian universities in critical fields like sciences, medicine, and technology, we are securing our nation’s future,” he said.

The President’s engagements form part of Zimbabwe’s broader efforts to deepen relations with Russia through investment, trade, financial cooperation and educational opportunities.

The proposed trade finance working group, if established, could provide a platform for the two countries to identify practical financing mechanisms to support business transactions and strengthen commercial ties.