Almot Maqolo in Beijing
THE BRICS-backed New Development Bank (NDB) approved nearly US$43 billion in financing for infrastructure and sustainable development projects by March 2026.
China’s State Council Information Office disclosed the figure in a white paper released on Wednesday that outlines Beijing’s proposals for reforming international institutions.
The Shanghai-based bank was jointly established in 2015 by Brazil, Russia, India, China and South Africa as an alternative source of development financing for emerging economies.
“Since its establishment, the NDB has made steady progress in its operations and institutional development, becoming an emerging force in the international financial system and a landmark project of Global South cooperation,” reads the white paper.
In the last three decades, China has altered the landscape of trade, investment and development in the Global South, including Africa, Latin America, the Middle East, Central Asia, South Asia, Southeast Asia and the Pacific Islands.
“As of March 2026, it had approved loans of US$42,9 billion for 139 development projects, covering key areas including clean energy and energy efficiency, transport infra-structure, environmental protection, water and sanitation, social infrastructure, and digital infrastructure.”
Beijing has increasingly pointed to the NDB as evidence that developing countries can establish and lead multilateral institutions capable of addressing financing gaps and supporting economic development across the Global South.
The bank has become one of the most prominent institutions created under the BRICS framework as the grouping expands its membership and seeks a greater role in global economic governance.
“China has promoted a vision for BRICS centered on peace, innovation, green development, justice and closer people to people exchanges,” China’s State Council Information Office said.
“It continues to support more Global South countries in joining the cause of BRICS as full members, partner countries, or in the “BRICS Plus” format, to build the cooperation mechanism into a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform.”
BRICS is an acronym that started as BRIC in 2001, coined by Jim O’Neill — a Goldman Sachs economist — for Brazil, China, India, and Russia.
The BRICS bloc has been expanding its influence, with several nations expressing interest in joining.
In May this year, the Ministry of Finance confirmed that Zimbabwe has entered formal membership negotiations with the BRICS NDB following official correspondence from the multilateral financial institution president Dilma Rousseff outlining the next steps toward accession.
“Membership to the NDB is expected to strengthen Zimbabwe’s capacity to mobilise long-term development financing for key national priorities under NDS2 … including infrastructure modernisation, energy security, industrialisation, digital transformation, climate resilience, private sector growth and value chain development,” Finance Minister Mthuli Ncube said.
Ncube said the commencement of formal negotiations also advances Zimbabwe’s broader efforts to deepen South-to-South win-win cooperation with emerging economies and integrate into the fast-evolving global technological and financial revolution associated with BRICS.
“The government remains committed to implementing bold reforms that promote sustainable economic growth, job creation, innovation and inclusive prosperity, while positioning Zimbabwe as a competitive and resilient upper middle-income economy,” the Treasury chief added.
Experts say Zimbabwe’s potential accession to the BRICS Bank is “strategically important”, but the country’s ability to fully benefit from membership will ultimately depend less on access to capital itself and more on domestic reform credibility and execution capacity.