ZIMBABWE BEGINS PROCESS TO JOIN BRICS NEW DEVELOPMENT BANK
Why in News?
- Zimbabwe has officially started negotiations to become a member of the BRICS New Development Bank (NDB).
- Zimbabwe’s Finance Minister Mthuli Ncube announced that the country received official communication from Dilma Rousseff confirming the beginning of the accession process.
KEY HIGHLIGHTS
Formal Membership Process Started
- The Board of Directors of the New Development Bank approved the start of Zimbabwe’s accession process.
- The communication also outlined the next steps for obtaining full membership.
WHY DOES ZIMBABWE WANT TO JOIN NDB?
Main Objective
Zimbabwe wants:
- Long-term development financing
- More funds for:
- Infrastructure
- Economic development
- National projects
Expected Benefits
Membership in the New Development Bank (NDB) may help Zimbabwe:
- Mobilise development finance
- Improve economic growth
- Support infrastructure projects
- Reduce dependence on Western financial institutions
Zimbabwe’s National Goal
- Zimbabwe aims to become:
An Upper-Middle-Income Economy by 2030
- The government believes that NDB membership can support this vision.
ABOUT BRICS NDB
- Established By The bank was established by:
BRICS countries
- Brazil
- Russia
- India
- China
- South Africa
Established In
- 2014
- Headquarters:
- Shanghai, China
Purpose of NDB
Main Objective
To provide:
- Loans
- Financial assistance
- Infrastructure funding
- Sustainable development financing for developing and emerging economies.
MEMBERS
Founding Members (2015)
- Brazil
- Russia
- India
- China
- South Africa
SHAREHOLDING:
https://www.ndb.int/about-ndb/shareholding/
New Members
- Bangladesh (Joined 2021)
- United Arab Emirates (Joined 2021)
- Egypt (Joined 2023)
- Algeria (Joined 2025)
- Colombia (Joined 2025)
- Uzbekistan (Joined 2025
ABOUT ZIMBABWE
Location
- Zimbabwe is a landlocked country in Southern Africa.
BORDERING COUNTRIES
| Direction | Country |
| Northeast & East | Mozambique |
| South | South Africa |
| Southwest & West | Botswana |
| Northwest | Zambia |
Capital City
- Capital:
- Harare
Geographical Features of Zimbabwe Topography
- Dominated by a high plateau called:
- Highveld
- Consists mainly of grasslands.
Climate
- Located within the tropics
- Experiences subtropical climate due to high elevation.
Highest Peak
Mount Nyangani
- Height:
- 2,592 metres
- Highest mountain in Zimbabwe.
Important Lakes
Lake Kariba
- Located on:
- Zambia–Zimbabwe border
- One of the world’s largest man-made lakes.
Major Rivers of Zimbabwe
Important Rivers
- Zambezi River
- Limpopo River
- Sabi River
- Runde River
Desert Region
- Parts of Zimbabwe include:
- Kalahari Desert
Natural Resources
Zimbabwe is rich in minerals such as:
- Coal
- Chromium ore
- Vanadium
- Lithium
- Tin
- Platinum
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