Zimbabwe set to join BRICS Bank

Itai Mazire

Zimbabwe has been given the green light to begin formal negotiations for membership to the New Development Bank, also known as the BRICS Bank, in a major diplomatic and economic breakthrough Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube has said.

“The Government of the Republic of Zimbabwe welcomes the decision by the Board of Directors of the New Development Bank authorizing the commencement of formal negotiations regarding Zimbabwe’s membership of the Bank,” said Prof. Mthuli Ncube.

Prof. Mthuli revealed that official communication had been received from NDB President Dilma Rousseff confirming the start of the accession process.

“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.”

Membership is expected to unlock long-term development financing for key national priorities under the country’s NDS2 plan and Vision 2030, including infrastructure modernisation, energy security, industrialisation and climate resilience.

“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 H.E. President Emmerson Mnangagwa’s mantra of ‘leaving no one and no place behind.”

“The Government remains committed to implementing bold reforms that promote sustainable economic growth, job creation, innovation and inclusive prosperity, while positioning Zimbabwe as a competitive and resilient upper middle-income economy,” said Prof. Ncube

The move advances Zimbabwe’s push to deepen South-South cooperation and integrate into the global financial revolution associated with BRICS.