Tinotenda Hove- President Emmerson Mnangagwa’s recent engagements in Moscow have raised questions over whether his proposed deals with Russian institutions will translate into tangible benefits for Zimbabwe.

Mnangagwa revealed his meetings on the sidelines of the Third Russia-Africa Summit in Moscow.

“Today, on the sidelines of the Third Russia-Africa Summit in Moscow, I held highly productive engagements with the leadership of PSB Bank (Promsvyazbank) and Rossotrudnichestvo,” he said in a statement on Tuesday.

The President said the country remains open for business and touted economic growth.

“Zimbabwe remains open for business. Our bilateral cooperation with the Russian Federation continues to grow across critical economic and social sectors, supported by our solid macroeconomic progress — including a robust 8.3% economic growth rate driven heavily by our thriving agricultural sector,” he said.

He said discussions centered on trade and financing partnerships.

“During our discussions, we focused on deepening practical partnerships in trade, investment, and strategic financing. Zimbabwe particularly welcomes the contribution that PSB Bank can offer in trade finance, credit lines, and banking projects,” Mnangagwa said.

To implement the proposals, Mnangagwa said government has suggested a technical mechanism.

“We have proposed a joint technical working group between PSB Bank, our Ministry of Finance, Economic Development and Investment Promotion, and the Reserve Bank of Zimbabwe. We also continue to track BRICS discussions regarding the interlinking of national payment systems as these frameworks mature,” he added.

He also highlighted human capital cooperation between the two nations.

“With over one thousand Zimbabwean students currently benefiting from scholarships at Russian universities — advancing in fields like natural sciences, technology, medicine, and nuclear science — we are building a heavily skilled talent base to drive our nation’s innovation,” he said.

“Furthermore, we welcome institutional dialogue between our respective Human Rights Commissions to foster shared cooperation and mutual respect,” Mnangagwa said.

He concluded: “Through these strategic instruments of cooperation, we are translating political goodwill into tangible, life-changing projects that will benefit the people and economies of both our nations. I thank all the institutions involved for their shared vision and commitment.”