Zimbabwe Admitted to BRICS New Development Bank
AFRICA
Zimbabwe has officially become a member of the BRICS New Development Bank (NDB), with Finance, Economic Development and Investment Promotion Minister Mthuli Ncube announcing that the country was admitted on July 22. Speaking at the Zimbabwe Industrialization Conference and Expo in Harare, Ncube said the membership provides Zimbabwe with access to new sources of development finance and credit.
Zimbabwe's Ministry of Information, Publicity and Broadcasting Services said the country's admission strengthens economic cooperation with BRICS member states, expands access to development financing, and gives Zimbabwe representation within the multilateral development institution. Headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China, and South Africa in 2014 and began operations in 2015 to finance infrastructure and sustainable development projects in emerging economies.
Zimbabwe applied to join the New Development Bank in 2023, with accession negotiations advancing earlier this year. The country has also formally applied for membership in the BRICS grouping.
Source: Pan-African News Wire/Xinhuaj