Zimbabwe secures membership in BRICS New Development Bank

FILE: 15th BRICS Summit at the Sandton Convention Centre, South Africa, on August 22, 2023. /CFP FILE: 15th BRICS Summit at the Sandton Convention Centre, South Africa, on August 22, 2023. /CFP Zimbabwe has become a member of the BRICS New Development Bank (NDB), a move expected to expand the country's access to development financing and investment, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube announced at the Zimbabwe Industrialization Conference and Expo in Harare.In a post on X, the Ministry of Information, Publicity and Broadcasting Services said the membership would improve access to development finance, deepen economic cooperation with BRICS countries, and give Zimbabwe greater representation in global economic decision-making.The New Development Bank was established by Brazil, Russia, India, China and South Africa in 2014 and began operations in 2015.It finances infrastructure and sustainable development projects in BRICS countries as well as other emerging and developing economies.Zimbabwe applied to join the bank in 2023, with accession negotiations advancing earlier in 2026.The country has also submitted a formal application to join the BRICS bloc. Source(s): Xinhua News Agency