Joint website of the Ministries of Foreign Affairs of the BRICS member States
Brazil
Luis Inacio Lula da Silva
The President of Brazil
Russia
Vladimir Putin
President of the Russian Federation
India
Narendra Modi
Prime Minister of India
Сhina
Xi Jinping
President of the People's Republic of China
South Africa
Cyril Ramaphosa
The President of South Africa
Egypt
Abdel Fattah el-Sisi
President of Egypt
Ethiopia
Abiy Ahmed Ali
Prime Minister of the Federal Democratic Republic of Ethiopia
Iran
Massoud Pezeshkian
The President of Iran
UAE
Mohammed bin Zayed Al-Nahyan
President of the UAE
Indonesia
Prabowo Subianto
President of Indonesia
Zimbabwe’s Fervent Bid to Join the New Development Bank
Zimbabwe has officially expressed its intention to join the New Development Bank (NDB), an emerging financial institution founded by the BRICS countries — Brazil, Russia, India, China, and South Africa. This move underscores the country’s commitment to fostering economic ties and pursuing sustainable growth within a global partnership framework
Friday, May 24, 2024

Zimbabwe has officially expressed its intention to join the New Development Bank (NDB), an emerging financial institution founded by the BRICS countries — Brazil, Russia, India, China, and South Africa. This move underscores the country’s commitment to fostering economic ties and pursuing sustainable growth within a global partnership framework.

Three things to know:

1. Zimbabwe’s Application to the NDB

As confirmed by economist Persistence Gwanyanya, Zimbabwe has applied for membership to the NDB. This application signals a strategic pivot towards the BRICS countries, who are perceived as supportive partners in Zimbabwe’s quest for economic development and international cooperation.

2. The Aspiration for BRICS Membership

Zimbabwe’s interest in the NDB is not isolated; it is part of a broader ambition to join the BRICS alliance itself. This reveals Zimbabwe’s larger strategic vision of integrating more deeply with the emerging economies that have shown robust growth and increased geopolitical influence.

3. Expansion of the BRICS Alliance

The BRICS alliance recently widened its membership, adding countries like Ethiopia, the United Arab Emirates, Saudi Arabia, Iran, and Egypt. This expansion may pave the way for Zimbabwe’s inclusion, improving its prospects for economic cooperation and investment inflows.

Conclusions

The strategic movement by Zimbabwe to align itself with the NDB and, by extension, the BRICS countries, is telling of its aspirations to bolster economic stability and growth. Seeking membership in the NDB is not just about accessing financial resources; it is indicative of Zimbabwe’s desire to be part of a collective that offers alternatives to traditional Western-led financial institutions. Should Zimbabwe be successful in its bid, the implications for the country and potentially the African continent could be significant. It would not only improve Zimbabwe’s access to infrastructure financing but also potentially strengthen its voice on the international stage. Furthermore, the recent expansion of BRICS brings into consideration the evolving dynamics of global alliances, where developing economies are seeking to diversify their international partnerships and reduce reliance on established economic powers.

Africa24

Share