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Zimbabwe requests to join BRICS New Development Bank

The Independent AFRICA

Emmerson Mnangagwa and Putin at the Russia-Africa summit. Photo via @edmnangagwa

Harare, Zimbabwe | Xinhua | Zimbabwe has applied to join the BRICS New Development Bank (NDB), President Emmerson Mnangagwa has said.

The country has submitted a request to join the NDB and expects to have the support of Russia, Mnangagwa was quoted as saying by the state-run Herald newspaper on Friday. He made the remarks during a bilateral meeting with Russian President Vladimir Putin on Thursday in St. Petersburg, Russia.

The Zimbabwean president is among various African leaders attending the second Russia-Africa Economic and Humanitarian Forum that closed on Friday. The forum was held ahead of the 15th BRICS summit that will be held in South Africa in late August.

The NDB is a multilateral financial institution established in 2015 by the BRICS countries, namely Brazil, Russia, India, China and South Africa. Its main purpose is to fund infrastructure and sustainable development projects in BRICS countries and other emerging market economies and developing countries.