Online Reporter
Sunday Mail Reporter
ZIMBABWE has secured access to a new source of long-term development finance after being formally admitted as a borrowing member of the BRICS-backed New Development Bank (NDB).
The development marks a major milestone expected to unlock funding for infrastructure, energy, industrialisation and climate resilience projects.
The admission follows the adoption of Resolution No. 2026-BG-R129 by the bank’s board of governors on July 10, paving the way for Zimbabwe to access financing from one of the world’s fastest-growing multilateral development lenders.
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said Zimbabwe’s admission marked a significant breakthrough in the country’s efforts to diversify its sources of development finance.
“The admission follows the submission by Zimbabwe of a letter of application to the bank, and the successful conclusion of formal negotiations between Government and the bank,” said Prof Ncube in a statement yesterday.
“It builds on the decision of the NDB board of directors, taken on March25, 2026, to include Zimbabwe on the List of Potential New Members, and reflects the culmination of Zimbabwe’s sustained engagement with the bank when it first applied for membership in 2023.”
Under the terms of admission, Zimbabwe will subscribe to 630 shares in 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.
This means Zimbabwe will acquire a US$63 million shareholding in the bank, of which only US$12,6 million will be paid upfront, while the remaining US$50,4 million will be a contingent capital commitment payable only if the bank requires it under exceptional circumstances.
The Government will now move to ratify the membership agreement in accordance with the bank’s Articles of Agreement before subscribing to its shareholding and completing the admission process.
“Following this admission, Government will proceed with the ratification of its membership as per the agreement on the New Development Bank and its Articles of Agreement and will thereafter proceed with the subscription of Zimbabwe’s shareholding in the bank in fulfilment of the requirements of membership.”
Prof Ncube said membership of the New Development Bank would expand Zimbabwe’s access to alternative long-term development finance.
Membership of the New Development Bank marks a significant milestone in Zimbabwe’s international re-engagement and resource diversification agenda.
“It is expected to broaden Government’s access to long-term, alternative development financing in support of national priorities under the National Development Strategy 2 and the attainment of Zimbabwe’s Vision 2030, ‘towards a prosperous and empowered upper middle-income society’, including infrastructure development, energy security, industrialisation and climate resilience.”
Unlike commercial borrowing, multilateral development banks typically provide longer-term financing with more favourable repayment conditions for strategic development projects.
The New Development Bank was established by BRICS countries to mobilise resources for infrastructure and sustainable development projects in emerging economies.
It has become an increasingly important alternative source of development finance for developing nations.
Zimbabwe’s admission, Prof Ncube added, reflected the successful conclusion of formal negotiations with the bank and demonstrated growing international confidence in the country’s economic reform and re-engagement efforts.
