Zimbabwe has formally become a member of the BRICS New Development Bank, marking a significant development in the country’s efforts to diversify its sources of development finance and deepen engagement with emerging economies.
Finance, Economic Development and Investment Promotion Minister Mthuli Ncube announced on Thursday that Zimbabwe’s membership of the Shanghai based institution was approved on 23 July. The development follows the country’s application to join the bank in 2023 and subsequent accession discussions that gathered momentum during 2026.
Addressing delegates at the Zimbabwe Industrialisation Conference and Expo in Harare, Ncube said membership of the institution would expand Zimbabwe’s access to development finance and create additional opportunities to support national infrastructure and economic transformation priorities.
The Ministry of Information, Publicity and Broadcasting Services also confirmed the country’s admission through a statement published on X, describing the move as an important milestone that strengthens Zimbabwe’s engagement with BRICS economies while broadening access to development financing and enhancing participation in international economic governance.
The New Development Bank was established by Brazil, Russia, India, China and South Africa in 2014 before commencing operations in 2015. Its mandate is to mobilise resources for infrastructure and sustainable development projects across BRICS member states as well as other emerging market economies and developing countries. Since its inception, the institution has financed projects across sectors including transport, renewable energy, water, sanitation, digital infrastructure and urban development.
Zimbabwe’s accession comes at a time when African countries are increasingly seeking to diversify development financing beyond traditional multilateral lenders. The continent’s infrastructure financing requirements remain substantial, with governments pursuing a combination of domestic resource mobilisation, regional cooperation and partnerships with a wider range of international financial institutions to bridge funding gaps.
Membership of the New Development Bank does not automatically result in immediate financing approvals. As with other member countries, Zimbabwe will be required to prepare projects that satisfy the bank’s lending criteria, including technical, environmental, social and financial assessments. Individual financing decisions are subject to the institution’s governance processes and project evaluation framework.
The development also reflects Zimbabwe’s broader engagement with the BRICS bloc. The country has formally applied to become a member of BRICS, although no decision has yet been announced regarding its application. Membership of the New Development Bank is separate from membership of the BRICS grouping, with the bank having expanded its shareholder base beyond its five founding members to include several additional countries.
For Zimbabwe, access to another multilateral development finance institution could complement existing financing relationships and potentially support investment in infrastructure, industrialisation, energy, transport and climate resilience. The extent to which these opportunities translate into funded projects will depend on project preparation, institutional capacity and compliance with the bank’s financing requirements.
The announcement also underscores the growing role of South South cooperation in Africa’s development landscape. As governments across the continent seek greater agency in determining development priorities, institutions such as the New Development Bank are increasingly viewed as additional sources of long term capital that can operate alongside established multilateral and regional development finance institutions.
Zimbabwe’s admission therefore represents both a financial and diplomatic milestone, positioning the country within an expanding network of emerging economy partnerships while creating new possibilities for development financing aligned with national priorities. The practical impact of the membership will become clearer as the country advances eligible projects for consideration under the bank’s lending programmes.
