Zimbabwe Joins BRICS Bank In Major Step Towards Full BRICS Membership
Zimbabwe has officially joined the BRICS bank, marking a significant milestone in the country’s efforts to deepen ties with the BRICS bloc and unlock new sources of funding for economic growth.
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube announced the development during a panel discussion at the inaugural Zimbabwe Industrialisation Conference and Expo.
Also Read: Zimbabwe Begins Formal Bid to Join BRICS Bloc
Funding Industrial Growth
Minister Ncube said joining the BRICS bank forms part of the Government’s broader strategy to secure financing for Zimbabwe’s industrialisation drive.
He explained that the Government is engaging several financial institutions to access credit that will help expand the country’s productive sectors.
“We are working with many banks to fund our industry and we recently joined the BRICS bank, which is a positive step in acquiring credit lines that can power our industry,” said Professor Ncube.
Formal Announcement To Follow
While confirming the development, the Finance Minister indicated that more information would be released in due course.
“A much more detailed and formal announcement will be made later, but these are some of the measures that we have put in place to secure funding for our industry,” he said.
The Government believes access to new credit facilities will help accelerate industrial development, strengthen manufacturing and support broader economic transformation.
Step Towards Closer BRICS Ties
Zimbabwe has been seeking closer cooperation with the BRICS grouping as it pursues new investment opportunities and alternative sources of development finance.
Joining the BRICS bank is expected to support the country’s industrialisation agenda by providing access to financing for key infrastructure and economic development projects.
The latest development comes as the Government continues to pursue policies aimed at attracting investment and expanding Zimbabwe’s industrial capacity.
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