Zimbabwe joins BRICS bank

LIVINGSTONE MARUFU

Zimbabwe has officially joined the BRICS bank as part of the Government’s efforts to secure alternative and patient financing outside traditional Western-dominated lending institutions such as the World Bank.

The development comes after Harare has remained largely excluded from international financial markets for more than two decades.

Speaking during a panel discussion at the inaugural Zimbabwe Industrialisation Conference and Expo in Harare on Thursday, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said the country’s membership is expected to unlock new credit lines to support Zimbabwe’s industrialisation drive.

“We are working with many banks to fund our industry, and we recently joined the BRICS bank, which is a positive step in acquiring credit lines that can power our industry,” Professor Ncube said.

He said a comprehensive announcement on Zimbabwe’s membership would be made in due course.

“A much more detailed and formal announcement will be made later, but these are some of the measures that we have put in place to secure funding for our industry,” he added.