Zimbabwe's efforts to gain admission into the BRICS New Development Bank (NDB) have received significant support from Russia, South Africa, and Brazil. It is anticipated that Zimbabwe, along with Argentina and Saudi Arabia, will be officially announced as new members of the NDB at the upcoming BRICS summit in South Africa in August.
The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, aims to establish a new economic order challenging the dominance of the US dollar and creating additional lines of credit independent of the Bretton Woods institutions.
Brazil's Secretary for Africa and Middle East in the Ministry of External Relations, Ambassador Carlos Duarte, confirmed that Zimbabwe's admission to the NDB is an active issue under consideration by the bloc. He emphasized that Zimbabwe's desire to join the NDB would not hinder its ultimate goal of becoming a full BRICS member and vice versa.
Economist Mr. Persistence Gwanyanya expressed the desirability of Zimbabwe's admission into the NDB, highlighting the country's exclusion from Western financial systems and the shifting global economic power from the West to the East. He emphasized the need for Zimbabwe to seek alternative institutions and leverage opportunities presented by the changing global order.
Russian Ambassador to Zimbabwe, Mr. Nikolai Krasilnikov, affirmed his country's support for Zimbabwe's bid to join the NDB and ultimately the BRICS bloc. He noted that Zimbabwe's admission would strengthen the country in the face of challenges posed by illegal US-imposed sanctions.
President Mnangagwa expressed Zimbabwe's affinity with BRICS as a home of like-minded nations, particularly from the Global South. He emphasized the importance of developing countries standing together and advocating for a just global order.
Joining the BRICS Bank would enable Zimbabwe to diversify its sources of credit and development finance, according to Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube. He highlighted the current membership of Zimbabwe in other financial institutions such as the African Development Bank, Afreximbank, World Bank, and IMF, and the potential benefits of adding the NDB to further diversify sources of finance.
Approval of Zimbabwe's membership in the NDB would reduce dependence on traditional funders, mitigate risks, and create alternative avenues for credit lines and funding.
