Zimbabwe has formally applied to join the New Development Bank (NDB), a multilateral financial institution established in 2015 by the BRICS countries – Brazil, Russia, India, China, and South Africa. President Emmerson Mnangagwa announced the country’s request during a bilateral meeting with Russian President Vladimir Putin in St. Petersburg. The NDB’s primary objective is to provide funding for infrastructure and sustainable development projects in BRICS nations, as well as other emerging market economies and developing countries.
President Mnangagwa expressed optimism about securing the support of Russia in this endeavor. This move comes as African leaders gathered for the second Russia-Africa Economic and Humanitarian Forum, which concluded on Friday. The forum preceded the upcoming 15th BRICS summit, scheduled to take place in South Africa in late August.
If Zimbabwe’s application is successful, it will mark a significant milestone in strengthening economic ties between the country and the BRICS bloc, potentially opening up new avenues for financing vital projects and fostering sustainable development in the region. As the situation unfolds, international stakeholders will closely watch the progress of Zimbabwe’s bid for NDB membership and its potential implications for the broader African continent.
