African Country Begins Accession to BRICS New Development Bank

Source: Московский Комсомолец | Original Published At: 2026-05-17 10:22:22 UTC

Key Points

• Zimbabwe's government approved the New Development Bank (NDB) Board of Governors' decision to initiate accession negotiations.
• Finance Minister Mtuli Ncube confirmed receipt of an official letter from NDB President Dilma Rousseff outlining the membership procedure.
• Membership aims to enable long-term financing for infrastructure, energy security, industrialization, and digital transformation.
• Zimbabwe has faced Western sanctions since the early 2000s, restricting access to IMF and World Bank funding.
• The country seeks approximately $2.5 billion in interim financing to settle outstanding debts with international lenders.