The BRICS New Development Bank has added Zimbabwe as a member, according to the country’s Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube.
- Zimbabwe has joined the BRICS New Development Bank, making it eligible for new credit lines and funding opportunities.
- The announcement was made by Zimbabwe’s Finance Minister, Mthuli Ncube, highlighting the move’s importance for the nation’s industries.
- A formal and detailed announcement regarding the membership is expected in the near future.
- Zimbabwe’s government sees BRICS membership as central to expanding global economic integration and balancing relations with both Eastern and Western nations.
He made the revelation at the Zimbabwe Industrialization Conference and Expo in Zimbabwe’s capital, Harare, where he mentioned that the country is now eligible for crucial credit and funding deals from the Shanghai-based institution.
“And by the way, we are now a member of the BRICS Bank; we can now access credit from the BRICS Bank, which is based in Shanghai,” the Zimbabwean minister stated.
He also noted that the country has already begun working with the institution, which is expected to be pivotal for some of the country’s sectors.
“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,” he said.
“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, as seen on The Herald.
Zimbabwe and BRICS
Earlier this year, it was reported that the Southern African country was intensifying its efforts to join the BRICS group of nations.
This intention was made public by Zimbabwe’s Foreign Affairs and International Trade Minister Professor Amon Murwira.
“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 at the time, during an interview.
A year earlier, Zimbabwe formally announced its intention to join BRICS during Foreign Minister Amon Murwira’s visit to Moscow.
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The government argued that membership aligns with its foreign policy of maintaining relations with both East and West while expanding economic partnerships.
Aside from the nation’s goal of encouraging deeper integration with the global economy, some analysts say Zimbabwe’s increased attempts to join BRICS are a result of Donald Trump’s strict visa and trade policies, which have harmed its ties with Western nations.
In contrast, Russia, a key member of the BRICS group, announced intentions this month to expand visa-free travel to Zimbabwe and three additional African nations, including Zambia, Mozambique, and Eswatini.
Zimbabwe also shares certain BRICS aims, such as de-dollarization.
