Zimbabwe Joins BRICS New Development Bank for Infrastructure Funding

Zimbabwe joins the BRICS New Development Bank

Formal Accession and Financial Terms

Finance Minister Mthuli Ncube confirms membership

The formal admission of Zimbabwe into the Shanghai-based New Development Bank (NDB) follows a multi-year effort by the government to secure alternative credit lines. Finance, Economic Development and Investment Promotion Minister Mthuli Ncube confirmed the development on Thursday at the Zimbabwe Industrialization Conference and Expo in Harare, noting that the bank’s Board of Governors officially adopted the resolution on July 10, 2026. This milestone follows a March 25, 2026, decision by the NDB Board of Directors to place the country on its list of potential new members.

Under the terms of the agreement, Zimbabwe will subscribe to 630 shares of the institution’s authorized capital. This shareholding is valued at US$63 million, structured as US$12.6 million in paid-in capital and US$50.4 million in callable capital. The government is now moving to ratify the New Development Bank Agreement and finalize the subscription process to meet all membership requirements.

Industrialization and Economic Strategy

National Development Strategy 2 goals

For the Zimbabwean government, the NDB membership is explicitly tied to its domestic industrialization agenda. Minister Ncube emphasized that the bank serves as a critical partner in the country’s broader efforts to modernize infrastructure and support productive sectors. According to the Ministry of Information, Publicity and Broadcasting Services, the milestone secures access to development finance, strengthens economic ties with BRICS nations, and gives Zimbabwe a voice in global decision-making.

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, Mthuli Ncube

The financing opportunities are expected to align with the country’s Vision 2030 goals and the National Development Strategy 2, targeting sectors such as energy security, infrastructure development, and industrial expansion. Monica Mutsvangwa, Minister of Women Affairs, Community, Small and Medium Enterprises Development, highlighted that the micro, small, and medium enterprise sector remains central to this growth, accounting for approximately 60 per cent of the country’s GDP and 70 per cent of its gold production.

Integration into the Global Economy

Foreign Affairs Minister Professor Amon Murwira on global integration

The path to membership began in 2023, followed by formal negotiations that progressed earlier this year. This move is part of a larger foreign policy strategy aimed at expanding economic involvement. Foreign Affairs and International Trade Minister Professor Amon Murwira has described this approach as a commitment to integrating Zimbabwe into the global economy. Zimbabwe is ready to integrate more deeply into the global community, and joining blocs such as BRICS is very important for us in expanding our economic involvement and integrating Zimbabwe into the global economy, he noted.

While the NDB membership is a distinct institutional milestone, it follows intensifying efforts by the government to seek closer cooperation with the broader BRICS bloc, to which the country has also formally applied for membership. The NDB, established in 2014 by Brazil, Russia, India, China, and South Africa, began operations in 2015 with a mission to mobilize resources for infrastructure and sustainable development projects in member nations and other emerging-market economies.

As the government prepares for a more detailed, formal announcement regarding the specific credit facilities, Minister Ncube indicated that the current focus remains on the ratification of the membership agreement to begin the operational phase of the partnership. 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.