Zimbabwe Seeks Membership in BRICS New Development Bank

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Zimbabwe has set its sights on joining the New Development Bank (NDB), an institution established by the BRICS economic bloc. Persistence Gwanyanya, a prominent economist and member of the Reserve Bank of Zimbabwe’s monetary policy committee, confirmed the country’s application in a recent interview with The Herald.

“We have applied to join the New BRICS Development Bank,” Gwanyanya said. He expressed optimism about Zimbabwe’s application, citing support from BRICS members Brazil, Russia, and South Africa.

Gwanyanya clarified that Zimbabwe’s pursuit of NDB membership does not preclude its aspirations to join the BRICS alliance itself. “Zimbabwe, like many African nations, is committed to achieving sustainable economic growth and transformation through continental integration,” he explained. “We value our collaboration with BRICS partners in fulfilling our market integration goals.”

Zimbabwe’s interest in the NDB comes after the country expressed its desire to join BRICS last year. The BRICS alliance itself recently expanded, welcoming Ethiopia, the United Arab Emirates, Saudi Arabia, Iran, and Egypt as new members on January 1, 2024.

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