Govt edges closer to joining BRICS bank
STAFF WRITER
Government has moved a step closer to accessing critical development financing after formal negotiations for Zimbabwe’s membership in the BRICS-backed New Development Bank (NDB) officially commenced, Business Times can report.
The development comes at a time when Zimbabwe remains excluded from traditional Bretton Woods multilateral lenders.
In a statement, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said Government had received official confirmation from New Development Bank president Dilma Rousseff that the accession process had begun.
“The Government of the Republic of Zimbabwe welcomes the decision by the Board of Directors of the New Development Bank authorising the commencement of formal negotiations regarding Zimbabwe’s membership of the bank,” he said.
“The Government received official communication from the president of the New Development Bank, Dilma Rousseff, confirming the start of the accession process and outlining the next steps towards Zimbabwe’s full membership.”
Prof Ncube described the move as a major endorsement of Zimbabwe’s economic reform agenda and a sign of growing international confidence in the country’s investment climate.
“This landmark development represents a major milestone in Zimbabwe’s engagement and re-engagement agenda and reflects growing international confidence in the country’s economic reform programme, macroeconomic stability agenda and private sector-driven investment growth strategy,” he said.
Zimbabwe’s prospective membership of the BRICS Bank is expected to improve the country’s access to long-term financing for strategic national projects under the National Development Strategy 2 (NDS2) and Vision 2030.
“Membership to the New Development Bank is expected to strengthen Zimbabwe’s capacity to mobilise long-term development financing for key national priorities under NDS2, as espoused by President Mnangagwa’s mantra of ‘leaving no one and no place behind’, and Vision 2030,” said Prof Ncube.
He said priority sectors likely to benefit include infrastructure modernisation, energy security, industrialisation, digital transformation, climate resilience, private sector expansion and value chain development.
