Online Reporter
Martin Kadzere-Business Reporter
ZIMBABWE has been officially admitted into the New Development Bank, commonly known as the BRICS Bank, unlocking long-term financing for infrastructure development, industrialisation and economic transformation.
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube announced the admission yesterday while addressing delegates at the Zimbabwe Industrialisation Conference and Expo 2026, describing the country’s admission into the multilateral financial institution as a significant milestone for its economic growth agenda.
The bank was established in 2015 by the BRICS nations — Brazil, Russia, India, China and South Africa — with an initial authorised capital of US$100 billion.
Headquartered in Shanghai, China, the bank was created to mobilise resources for infrastructure and sustainable development in emerging markets and developing economies.
Zimbabwe’s admission comes when it is intensifying efforts to accelerate industrialisation, modernise infrastructure and achieve Vision 2030, which seeks to transform the country into an upper-middle-income economy.
“Yesterday we were admitted…we are now a member of the BRICS Bank. So, you can now access capital from the BRICS Bank. We will make a formal announcement properly later,” said Prof Ncube.
He was contributing to a plenary session alongside other Cabinet Ministers at the conference organised by the Ministry of Industry and Commerce in partnership with the African Economic Development Strategy and ZimTrade.
Membership of the New Development Bank is expected to provide Zimbabwe with access to long-term development finance, particularly for infrastructure and industrial expansion, areas that require patient capital often unavailable through conventional commercial lending channels.
The development is particularly significant given Zimbabwe’s limited access to concessionary financing from traditional international financial institutions over the past two decades, mainly due to sanctions.
As a result, Zimbabwe has largely relied on domestic resources, bilateral support and alternative financing to fund critical development.
The bank membership is, therefore, expected to broaden the country’s financing options and complement ongoing efforts to mobilise resources for economic development.
Prof Ncube said access to the BRICS Bank would strengthen the availability of credit facilities required to support productive sectors of the economy.
“So, these credit facilities are going to grow, and they are also a source of financing for industry,” he said.
Prof Ncube outlined a broader strategy aimed at improving access to affordable capital for local industries, small businesses and entrepreneurs.
He highlighted the role of the Reserve Bank of Zimbabwe’s targeted financing facilities, which provide concessionary funding at below-market interest rates to support productive sectors and stimulate industrial output.
The Industrial Development Fund had already financed 15 strategic projects across key sectors of the economy, with particular attention being given to strengthening critical supply chains such as pharmaceutical manufacturing.
Prof Ncube pointed to the National Venture Fund, which is providing equity financing to start-ups and emerging businesses as an alternative to traditional debt financing.
He said Government’s participation in such ventures is capped at 15 percent and must be exited within five years, ensuring that the initiative remains focused on nurturing private enterprise and innovation.
Prof Ncube encouraged businesses seeking expansion capital to take advantage of opportunities available on the Zimbabwe Stock Exchange, the Victoria Falls Stock Exchange and the soon-to-be-launched Small and Medium Enterprises Stock Exchange in Bulawayo.
He commended local financial institutions for securing international lines of credit from organisations such as the Afreximbank and the European Investment Bank, which are helping to increase lending capacity within the domestic banking sector.
Foreign Affairs and International Trade Minister Professor Amon Murwira said Zimbabwe’s trade and foreign policy strategy was increasingly focused on creating opportunities for local industry through regional and international market integration.
Government was pursuing policies aimed at enhancing participation in regional and continental trading arrangements, including the African Continental Free Trade Area (AfCFTA), SADC and the Common Market for Eastern and Southern Africa (Comesa).
Prof Murwira said opening domestic markets and removing trade barriers were essential for creating reciprocal access to foreign markets.
“If we want the AfCFTA to work, if we want SADC, or the Free Trade Pact to work, if we want Comesa to work, it means Zimbabwe must open its market first because you can’t expect other people to open markets for you when you are closing yours,” he said.
Government was working to streamline tariff and non-tariff measures to improve the competitiveness of local products and facilitate export growth.
Prof Murwira described foreign policy as an important enabler of trade and investment, saying economic diplomacy was becoming increasingly central to the country’s engagement with the international community.
“When we invest in ourselves, we create confidence that attracts big capital. I just want to then say that we, as a country, our strategy, which is our trade and foreign policy strategy, is to be bold enough to open our markets,” he said.
Women Affairs, Community, Small and Medium Enterprises Development Minister Monica Mutsvangwa said micro, small and medium enterprises had become a critical pillar of Zimbabwe’s economy.
The sector now contributed about 60 percent of gross domestic product and accounted for about 70 percent of the country’s gold production.
Minister Mutsvangwa said women owned 56 percent of these smaller enterprises nationwide and continued to play a leading role in agriculture, food processing and other productive sectors.
“When we say micro, small, and medium enterprises… this is the new economy of Zimbabwe. If we leave them behind, Vision 2030 will not be achieved as we want it with an upper-middle-income society,” she said.
Minister Mutsvangwa said Government was addressing financing challenges affecting micro, small and medium enterprises through initiatives such as the National Venture Company and the Industrial Development Fund, which are designed to expand access to capital and support enterprise growth across the country’s provinces.
Youth Empowerment, Development and Vocational Training Minister Tino Machakaire said industrialisation remained key to addressing youth unemployment and social challenges such as drug and substance abuse.
He said his ministry had shifted its focus towards practical skills development and entrepreneurship training to ensure young people became job creators rather than job seekers.
Government, working with development partners including the United Nations Development Programme and the World Food Programme, was supporting innovation and industrial hubs across the country as part of efforts to drive inclusive economic growth.
The conference brought together policymakers, industry leaders, financiers and development partners to discuss strategies for accelerating industrialisation, enhancing competitiveness and advancing Zimbabwe’s Vision 2030 aspirations.
