The New Development Bank (NDB) – formerly known as the BRICS Development Bank – has commenced formal negotiations on Zimbabwe’s possible membership to the institution, a move that could unlock new lines of credit and alternative development financing for the country. NDB president Dilma Rousseff has communicated the move, decided by the multilateral financial institution’s board, to Zimbabwe’s authorities.
“The government of Zimbabwe welcomes official communication from the president of the NDB, Rousseff, confirming the decision by the NDB board of directors to commence formal negotiations on Zimbabwe’s prospective membership to the Bank,” the Ministry of Finance and Economic Development said on X.
“Membership to the NDB is expected to enhance access to long-term development financing for key priorities under NDS2 and Vision 2030, including infrastructure modernisation, energy security, industrialisation, digital transformation and climate resilience,” the Mthuli Ncube-led Finance Ministry said.
“This milestone reflects growing international confidence in Zimbabwe’s economic reform agenda and strengthens the country’s engagement and re-engagement efforts,” it said.
Zimbabwe officially submitted its request to join the NDB – in July 2023.
NDB – an 11-member institution – was founded by Brazil, Russia, India, China, and South Africa.
Its subsequent members are Bangladesh, United Arab Emirates, Egypt, Algeria, Colombia, and Uzbekistan.