Government has commenced formal negotiations for Zimbabwe’s membership to the New Development Bank following approval by the institution’s Board of Directors.
In a press statement issued on Saturday, Minister of Finance, Economic Development and Investment Promotion Professor Mthuli Ncube said Government had received official communication from President of the New Development Bank, Dilma Rousseff confirming the start of the accession process towards Zimbabwe’s full membership of the BRICS Bank.
“The Government of the Republic of Zimbabwe welcomes the decision by the Board of Directors of the New Development Bank authorizing the commencement of formal negotiations regarding Zimbabwe’s membership of the Bank.
We also 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,” he added.
Prof Ncube described the development as a significant milestone in Zimbabwe’s engagement and re-engagement efforts, saying it reflected growing international confidence in the country’s economic reform agenda and 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.
He said membership to the bank would enhance Zimbabwe’s ability to mobilise long-term financing for strategic sectors aligned with the country’s National Development Strategy 2 and Vision 2030 targets.
“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 His Excellency President Emmerson Mnangagwa’s mantra of ‘leaving no one and no place behind,’ and Vision 2030,” said Prof Ncube.
He said priority areas expected to benefit include infrastructure modernisation, energy security, industrialisation, digital transformation, climate resilience, private sector growth and value chain development.
Prof Ncube said the negotiations also marked an important step in Zimbabwe’s drive to deepen cooperation with emerging economies under the BRICS framework.
“The commencement of formal negotiations also advances Zimbabwe’s broader efforts to deepen South-to-South win-win cooperation with emerging economies and integrating into the fast evolving global technological and financial revolution associated with BRICS,” he noted.
He added that Government remained committed to implementing reforms aimed at promoting sustainable economic growth and inclusive prosperity.
“The Government remains committed to implementing bold reforms that promote sustainable economic growth, job creation, innovation and inclusive prosperity, while positioning Zimbabwe as a competitive and resilient upper middle-income economy,” said Prof Ncube.
He said the latest development reinforced Zimbabwe’s economic transformation agenda and strategic infrastructure ambitions.
“This important step reinforces Zimbabwe’s development trajectory and demonstrates growing momentum towards accelerated economic transformation, strategic infrastructure development and enhanced South-to-South economic integration in line with the country’s Vision 2030 aspirations,” Minister Ncube said.
The New Development Bank was established by BRICS member states to mobilise resources for infrastructure and sustainable development projects in emerging markets and developing countries.
Zimbabwe has intensified engagement with international financial institutions and emerging economies as part of its economic recovery and re-engagement strategy.
