Zimbabwe Joins BRICS' New Development Bank

NAIROBI, July 23. /TASS/. Zimbabwe has joined the New Development Bank (NDB) created by the BRICS countries, Finance and Economic Development Minister Mthuli Ncube announced on Thursday.

"We are working with many banks to finance our industry and recently joined the BRICS bank, which is a positive step in securing credit lines," The Herald newspaper quoted him as saying. The minister said the government would make a more detailed official statement later.

The Herald notes that NDB membership should open up long-term financing for infrastructure and industrial projects for Zimbabwe. For more than two decades, the country has struggled to secure loans from traditional international financial institutions due to accumulated debt.

In May, Ncube announced the start of official negotiations on Zimbabwe's accession to the NDB. The New Development Bank was established by Brazil, Russia, India, China, and South Africa to finance infrastructure and sustainable development projects in developing countries. The organization is headquartered in Shanghai.