Andrey Kostin discusses cooperation with the President of Mozambique


President and Chairman of VTB Bank Management Board Andrey Kostin held an official meeting with the President of Mozambique Filipe Jacinto Nyusi at the Russia-Africa Economic Forum.

The discussion addressed the expansion of economic and financial cooperation between VTB Group and Mozambique. Over the past years, VTB has been playing a major role in the country’s development, and the parties are interested in the implementation of joint projects.

In response to Mozambican proposal to expand collaboration, Andrey Kostin said that VTB was interested in attracting Russian and international investors to ongoing projects in various fields, including agriculture, gas production and energy. The bank also stands ready to provide consulting and financial services to companies which plan on entering the Mozambican market.

The parties also discussed the settlement of the loan issued by VTB in 2014 to state-owned Mozambique Asset Management (MAM) and guaranteed by the country’s government. VTB proposed to approve restructuring plan for it by the end of 2019. In conclusion of the meeting, the sides have agreed to continue discussions on this issue to reach the final decision.