The government of Zimbabwe has initiated formal discussions regarding its membership in the BRICS New Development Bank, as stated by Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube on Saturday.
In his statement, the minister indicated that Zimbabwe had received official notification from New Development Bank President Dilma Rousseff, which confirmed the initiation of the accession process and detailed the subsequent steps toward achieving full membership.
“The government of the Republic of Zimbabwe is pleased with the decision made by the Board of Directors of the New Development Bank to authorize the start of formal negotiations concerning Zimbabwe’s membership in the Bank,” Ncube remarked.
He emphasized that this significant development marks a crucial milestone in Zimbabwe’s engagement and re-engagement strategy, showcasing the increasing international confidence in the nation’s economic reform initiatives, macroeconomic stability, and strategy for growth driven by private sector investment.
According to the minister, joining the New Development Bank is anticipated to enhance Zimbabwe’s ability to secure long-term development financing for essential national priorities, aligning with the country’s goal of becoming an upper-middle-income economy by 2030.
Ncube further noted, “The initiation of formal negotiations also propels Zimbabwe’s wider efforts to strengthen South-South win-win cooperation with emerging economies and to integrate into the rapidly changing global technological and financial landscape associated with BRICS.”
In 2023, Zimbabwean President Emmerson Mnangagwa announced that the nation had submitted an application to join the New Development Bank, a multilateral financial institution founded in 2015 by BRICS members.
The primary objective of the bank is to finance infrastructure and sustainable development projects within BRICS nations, as well as in other emerging economies and developing countries.
