Zimbabwe has begun formal negotiations for membership in the BRICS New Development Bank. Zimbabwe’s Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, yesterday said that they have received official communication from New Development Bank President Dilma Rousseff, confirming the start of the accession process and outlining the next steps toward full membership.

He said that the Zimbabwean government welcomes this decision by the Board of Directors of the New Development Bank. He noted that the membership in the New Development Bank is expected to strengthen Zimbabwe’s capacity to mobilise long-term development financing for key national priorities in line with the country’s vision to become an upper-middle-income economy by 2030.