Zimbabwe begins formal talks to join BRICS New Development Bank, Ncube says

Zimbabwe begins formal talks to join BRICS New Development Bank, Ncube says
For all the News from Mashonaland Central, Join One of Our Groups: https://chat.whatsapp.com/KPKHV62YLF92BvfqmgemLT

Zimbabwe has begun formal negotiations to join the BRICS New Development Bank (NDB), a move the Government says could widen options for long-term development finance as the country continues to face constraints in accessing concessional lending from traditional multilateral institutions.

In a statement issued on Saturday, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said Government had received official confirmation that the NDB board of directors had authorised the start of the accession process.

“The Government of the Republic of Zimbabwe welcomes the decision by the board of directors of the New Development Bank (BRICS Bank) authorising the commencement of formal negotiations regarding Zimbabwe’s membership of the bank,” Prof Ncube said.

He said the communication was received from NDB president Dilma Rousseff, outlining “the next steps towards Zimbabwe’s full membership”.

Zimbabwe has in recent years pursued public-private partnerships to fund infrastructure and other projects, amid limited access to concessional finance from lenders such as the International Monetary Fund and the World Bank Group. The Sunday Mail reported that Government is seeking at least US$2.5 billion in bridging finance to clear arrears owed to the World Bank, the African Development Bank and the European Investment Bank.

Prof Ncube described the start of negotiations as a positive signal for the country’s broader engagement efforts and reform agenda.

“This landmark development represents a major milestone in Zimbabwe’s engagement and re-engagement agenda and reflects growing international confidence in the country’s economic reform programme, macroeconomic stability agenda and private sector-driven investment growth strategy,” he said.

To Advertise Inbox Us: https://wa.me/263719679800

He said possible membership of the BRICS Bank is expected to support financing for projects under the National Development Strategy 2 (NDS2) and Vision 2030, including infrastructure and energy initiatives.

“Membership to the New Development Bank is expected to strengthen Zimbabwe’s capacity to mobilise long-term development financing for key national priorities under NDS2, as espoused by President Mnangagwa’s mantra of ‘leaving no one and no place behind’, and Vision 2030, including infrastructure modernisation, energy security, industrialisation, digital transformation, climate resilience, private sector growth and value chain development,” Prof Ncube said.

He added that the talks align with Zimbabwe’s policy of strengthening ties with emerging economies and expanding South-to-South cooperation.

“The commencement of formal negotiations also advances Zimbabwe’s broader efforts to deepen South-to-South win-win cooperation with emerging economies and integrating into the fast-evolving global technological and financial revolution associated with BRICS,” he said.

Prof Ncube said Government remains committed to reforms intended to drive growth, jobs and innovation. “The Government remains committed to implementing bold reforms that promote sustainable economic growth, job creation, innovation and inclusive prosperity, while positioning Zimbabwe as a competitive and resilient upper middle-income economy,” he said.

For communities in Mashonaland Central, the outcome of the negotiations will be closely watched for any potential impact on funding for local priorities such as road rehabilitation, dam projects, energy supply and value-chain development linked to agriculture and mining.

Follow Our WhatsApp Channel for all the News from Mashonaland Central – Bindura, Mbire, Guruve, Mount Darwin, Rushinga, Shamva, Mazowe & Muzarabani: https://whatsapp.com/channel/0029VacMUmW5fM5a666kb33A