Zimbabwe has been formally admitted as a borrowing member to the BRICS New Development Bank (NDB).
The officially submitted its request to join the international lending institution in July 2023.
“Membership of the NDB marks a significant milestone in Zimbabwe’s international re-engagement and resource diversification agenda. It is expected to broaden Government’s access to long-term, alternative development financing,” Finance minister Mthuli Ncube said.
Under the agreed terms, Zimbabwe will subscribe six hundred and thirty (630) shares of the bank’s authorised capital – valued at US$63 million in total – comprising US$12.6 million in paid-in capital and US$50.4 million in callable capital.
“Following this admission, government will proceed with the ratification of its membership as per the Agreement on the New Development Bank and its Articles of Agreement, and will thereafter proceed with the subscription of Zimbabwe’s shareholding in the bank, in fulfilment of the requirements of membership,” Ncube said.
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.