Zimbabwe has been formally admitted as a borrowing member of the BRICS New Development Bank (NDB), a move the government says will unlock access to long-term development financing for infrastructure, energy and industrial projects.
Finance, Economic Development and Investment Promotion minister Mthuli Ncube announced the development in a statement made public on Friday, saying the admission followed a resolution adopted by the bank’s Board of Governors on July 10, 2026.
The milestone comes after Zimbabwe concluded formal negotiations with the Shanghai-headquartered lender, building on a Måarch 25, 2026 decision by the NDB Board of Directors to place the country on its list of potential new members.
Under the agreed terms, Zimbabwe will subscribe to 630 shares of the bank’s authorised capital valued at US$63 million, comprising US$12.6 million in paid-in capital and US$50.4 million in callable capital.
Government will now move to ratify its membership under the New Development Bank Agreement and complete the subscription of its shareholding to fulfil the bank’s membership requirements.
Ncube described the admission as a significant step in Zimbabwe’s international re-engagement and efforts to diversify its sources of development finance.
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“The membership of the New Development Bank marks a significant milestone in Zimbabwe’s international re-engagement and resource diversification agenda,” Ncube said.
He said access to the bank’s financing was expected to broaden government funding options for projects under the National Development Strategy 2 and Vision 2030.
The financing is earmarked to support priority sectors including infrastructure development, energy security, industrialisation and climate resilience.
Zimbabwe first applied to join the New Development Bank in 2023.
The NDB, established by the BRICS grouping of Brazil, Russia, India, China and South Africa, finances infrastructure and sustainable development projects in emerging markets and developing countries.
Government also thanked the bank’s Board of Governors, Board of Directors and management for supporting Zimbabwe’s admission process, expressing optimism over future cooperation with the lender and its member countries.