Farai Mabeza
Zimbabwe has been formally accepted into the New Development Bank (NDB), the financial institution established by the BRICS countries, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube announced on Thursday.
Speaking during the first session of the Zimbabwe Industrialisation Conference and Expo (ZICE) 2026, Ncube said the development would provide Zimbabwe with another potential source of patient, long-term financing to support industrialisation.
“I would like to announce that yesterday we were formally accepted into BRICS Bank, which is based in Shanghai, China,” Ncube said.
The New Development Bank, headquartered in Shanghai, was established to mobilise resources for infrastructure and sustainable development projects in emerging markets and developing countries.
Ncube identified the institution as one of the potential sources of “patient finance” needed to support Zimbabwe\'s industrialisation ambitions, particularly as the country seeks to expand productive capacity, promote value addition and strengthen domestic manufacturing.
Zimbabwe\'s admission comes after the country began formal negotiations for membership of the NDB in May 2026. The bank is widely known as the BRICS Bank and was established in 2015 by Brazil, Russia, India, China and South Africa.
Access to the NDB could expand Zimbabwe\'s options for mobilising long-term development finance for industrial, infrastructure and sustainable development projects, supporting the country\'s broader push towards value addition and industrial transformation.
