Zimbabwe edges closer to joining BRICS bank

New Development Bank has officially commenced formal negotiations for Zimbabwe's membership, marking a significant step toward the country's potential access to new international development financing.

The development was confirmed by Finance, Economic Development and Investment Promotion Minister Mthuli Ncube, who said government had received official communication from NDB President Dilma Rousseff indicating the start of the accession process.

Ncube said the move represents a major milestone in Zimbabwe's economic engagement and re-engagement agenda, as the country continues to seek alternative financing sources outside traditional multilateral lenders.

"The Government of the Republic of Zimbabwe welcomes the decision by the Board of Directors of the New Development Bank authorising the commencement of formal negotiations regarding Zimbabwe's membership of the bank," he said.

He added that the development reflects growing international confidence in Zimbabwe's economic reform programme and macroeconomic stability efforts.

"This landmark development represents a major milestone in Zimbabwe's engagement and re-engagement agenda and reflects growing international confidence in the country's economic reform programme, macroeconomic stability agenda and private sector-driven investment growth strategy," Ncube said.

Zimbabwe's prospective membership in the BRICS-backed development institution is expected to unlock access to long-term financing for major national projects under the National Development Strategy 2 and Vision 2030 agenda.

According to Ncube, priority sectors likely to benefit include infrastructure modernisation, energy development, industrialisation, digital transformation, climate resilience and private sector expansion.

"Membership to the New Development Bank is expected to strengthen Zimbabwe's capacity to mobilise long-term development financing for key national priorities under NDS2, as espoused by President Mnangagwa's mantra of ‘leaving no one and no place behind'," he said.

Zimbabwe has for years faced challenges accessing funding from traditional Bretton Woods institutions, making alternative financing arrangements increasingly central to its development strategy.