Zimbabwe joins New Development Bank to support industrialisation and infrastructure growth

Zimbabwe has officially joined the New Development Bank (NDB), expanding access to long-term financing for infrastructure development, industrialisation and economic growth, reports The Herald, a partner of TV BRICS.

The announcement was made by Finance, Economic Development and Investment Promotion Minister Mthuli Ncube. He said the membership would strengthen opportunities for financing projects that support the country’s development priorities and Vision 2030 goals.

Ncube noted that membership in the Bank would provide Zimbabwe with additional sources of finance, particularly for industrial expansion and infrastructure modernisation. He added that improved access to credit facilities would support productive sectors and contribute to the country’s economic transformation.

The minister highlighted ongoing efforts to increase financing opportunities for businesses, including support mechanisms for strategic industries, small and medium-sized enterprises and innovative projects. He also noted the role of national financial initiatives aimed at expanding access to capital and strengthening industrial capacity.

Moreover, Minister of Women Affairs, Community, Small and Medium Enterprises Development Monica Mutsvangwa highlighted the contribution of micro, small and medium-sized enterprises to Zimbabwe’s economy. She noted that the sector accounts for around 60 per cent of the country’s GDP and about 70 per cent of its gold production.

Minister of Foreign Affairs and International Trade Amon Murwira said Zimbabwe’s economic diplomacy strategy was focused on expanding trade opportunities and integrating the country into regional and global markets.

"When we invest in ourselves, we create confidence that attracts significant capital. I would like to emphasise that our strategy as a country – our trade and foreign policy strategy – is to be bold enough to open our markets," he added.

Furthermore, Zimbabwe's admission follows the recent expansion of the New Development Bank, with Uzbekistan becoming its first Central Asian shareholder in June 2026 and Indonesia joining the institution after becoming a BRICS member, broadening the bank's presence across emerging economies.

The New Development Bank, established by the BRICS countries in 2015, provides financing for infrastructure and sustainable development projects in emerging markets and developing economies. Its headquarters are located in Shanghai, China.