Zimbabwe joins BRICS New Development Bank

Zimbabwe has officially joined the New Development Bank (NDB), also known as the BRICS Bank, as announced by Finance Minister Mthuli Ncube on July 23, 2026, at the Zimbabwe Industrialization Conference and Expo in Harare. The admission, confirmed on July 22, unlocks access to development finance for infrastructure, industrial expansion, and economic diversification. Zimbabwe applied to join the NDB in 2023, with negotiations advancing earlier in 2026. The country has also formally applied to join the BRICS group. The NDB, established in 2014 by Brazil, Russia, India, China, and South Africa, mobilizes resources for infrastructure and sustainable development in emerging markets. Zimbabwe's membership is expected to broaden financing options, complementing ongoing economic reforms and efforts to achieve Vision 2030, which aims to transform the country into an upper-middle-income economy. The move is significant given Zimbabwe's limited access to concessionary financing from traditional international financial institutions due to sanctions. Other government officials, including Foreign Affairs Minister Amon Murwira, Women Affairs Minister Monica Mutsvangwa, and Youth Minister Tinoda Machakaire, also spoke at the conference, highlighting strategies for industrialisation, trade integration, and support for small enterprises.