Zimbabwe’s Finance Minister Mthuli Ncube recently met with officials from the Bank of Russia and the Russian aerospace corporation Roscosmos in Moscow, where they explored satellite projects worth up to US$300 million and pilot payment systems.
“In Moscow…Ncube intensified Zimbabwe’s engagement and re-engagement drive through high-level meetings with the Bank of Russia, PSB (Promsvyazbank), Roscosmos-linked partners, the New Development Bank and global investors,” the Ministry of Finance and Economic Development said in a post on X.
The Ministry said in the engagements, Ncube advanced “Zimbabwe’s formal accession into the BRICS Bank while unlocking strategic opportunities in satellite technology, infrastructure, logistics, trade corridors and innovative ruble-denominated financing instruments”.
“The engagements explored satellite projects valued at US$250–300 million, regional infrastructure financing, gold-linked settlements, pilot payment systems and expanded investment cooperation aligned with Vision 2030 and NDS2,” the Ncube-led Ministry said.
It added that the “partnerships reaffirm President Emmerson Mnangagwa’s commitment to inclusive economic transformation, industrialisation and leaving no one and no place behind”.
Ncube, in a post on X, also said that PSB – one of Russia’s largest state-owned banks – was considering setting up operations in Zimbabwe.
“PSB Bank’s proposal to establish a presence in Zimbabwe and enhance its subsidiary, A7, to promote alternative payment systems is also on the table,” he said, further stating that “these talks align with our efforts to strengthen Zimbabwe-Russia economic ties and drive progress under National Development Strategy 2”.
A7 is a Russian-controlled international financial and cryptocurrency payment platform co-created by PSB.