Mozambique has agreed to pay $220 million to the banks behind the disputed $535m loan to failed state-owned shipping company Mozambique Asset Management (MAM). The country must pay the first instalments, worth $125m, by tomorrow, 28 June 2024, with the rest due by the end of September.
The settlement reached with Russian-owned banks VTB Capital (VTBC) and VTB Europe (VTBE), and Portugal’s BCP, was approved by Mozambique’s Council of Ministers on 18 June, according to a copy of Mozambique’s government gazette, the Boletim da República, dated 20 June but not yet published, seen by Zitamar News.
