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Context
Zimbabwe has initiated formal membership discussions with the New Development Bank (NDB), following approval from NDB President Dilma Rousseff. Zimbabwe had first expressed interest in joining the bank in 2023 and submitted a formal application in March 2025. The move reflects the growing appeal of NDB as an alternative source of development finance for emerging and developing economies.
Background
The New Development Bank, formerly known as the BRICS Bank, was established by the BRICS countries—Brazil, Russia, India, China and South Africa—to finance infrastructure and sustainable development projects. The idea was first proposed during the Fourth BRICS Summit in New Delhi in 2012. The founding agreement was signed at the Sixth BRICS Summit in Fortaleza, Brazil, in 2014, and the bank commenced operations in 2015.
Structure and Functions
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New Development Bank initiates formal membership discussions with Zimbabwe. Learn about NDB's role as an alternative development finance institution for emerging economies and the Global South.
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