Zimbabwe’s push to deepen ties with BRICS-linked financial institutions gained momentum after Government confirmed that the New Development Bank has approved the commencement of formal negotiations on the country’s prospective membership.
The Ministry of Finance said the development follows official communication from NDB President Dilma Rousseff confirming the decision by the bank’s Board of Directors to begin membership discussions with Zimbabwe.
Government described the move as a major step in Zimbabwe’s engagement and re-engagement strategy and a signal of growing international confidence in the country’s economic reform agenda.
“This milestone reflects growing international confidence in Zimbabwe’s economic reform agenda and strengthens the country’s engagement and re-engagement efforts,” the Ministry said.
The latest development comes as Finance Minister Mthuli Ncube continues engagements in Moscow during the 11th Annual Meeting of the New Development Bank, where Zimbabwe has been lobbying for closer cooperation with BRICS institutions.
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Zimbabwe formally submitted its BRICS membership application in March 2025 as authorities sought alternative development financing channels amid limited access to Western multilateral lenders due to longstanding sanctions and debt arrears.
Government says membership of the New Development Bank could unlock long-term financing for infrastructure, energy and industrial projects central to Zimbabwe’s economic goals.
“Membership to the NDB is expected to enhance access to long-term development financing for key priorities under NDS2, including infrastructure modernisation, energy security, industrialisation, digital transformation and climate resilience,” the Ministry said.
The New Development Bank was established by BRICS countries in 2015 to finance infrastructure and sustainable development projects in emerging economies and has increasingly expanded beyond its founding members of Brazil, Russia, India, China and South Africa.
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