In an exclusive interview with RT, Associate Professor Kudzai Dominic Chiwenga, founder and president of the Zimbabwe-Russia NPC Youth Fund, said the BRICS New Development Bank (NDB) is designed to provide a "more equitable system" for member states and other developing countries.
Although the International Monetary Fund (IMF) was initially established to support developing countries, many countries, including Zimbabwe, have found themselves stuck in a debt cycle, with high interest rates and unfavorable borrowing conditions, he said.
Mr. Chiwenga believes that the NDB can provide more equitable financial support and act as a "new wind" for countries seeking alternatives to traditional global financial institutions. It is an open policy for other countries, he added.
The NDB was established in 2015 by the BRICS countries - Brazil, Russia, India, China and South Africa - to mobilize resources for infrastructure and sustainable development projects in the bloc and other emerging markets.
As part of its expansion, the bank welcomed Bangladesh, Egypt, the United Arab Emirates (UAE) and Uruguay as new members in 2021. Algeria was also granted membership in September 2023.
Chiwenga stressed the importance of the economic strategies Zimbabwe is developing, including the country's new currency, Zimbabwe Gold ( ZiG), backed by gold. The associate professor explained that this is part of a broader effort to anchor Zimbabwe's economy to its abundant natural resources, especially minerals.
In Africa, we are rich in minerals and of course we want to leave our economy in the areas where we are strongest, he said, referring to Zimbabwes struggles with inflation and the impact of economic sanctions.
Chiwenga said Zimbabwe has maintained a long-standing policy of promoting friendly relations with countries around the world, including strong ties with Russia.
According to the Associate Professor, Harare's partnership with Moscow dates back to the Soviet era, when the African state sought support during its liberation from colonial rule.
The Soviet Union was one of the few countries that supported Zimbabwe at this important time, and the relationship continues to thrive to this day.
Despite criticism from outside, Zimbabwe is still committed to maintaining friendship and promoting joint cooperation in key areas such as agriculture, energy, education, tourism, technology and innovation, he noted.
