Ethiopia's Possible BRICS Bank Membership to Boost Sustainable Development, Diversify Funding Sources
Ethiopia's Possible BRICS Bank Membership to Boost Sustainable Development, Diversify Funding Sources
The African country's application to join the New Development Bank has been accepted, the African country's diplomacy reported recently.
Ethiopian economist Shimelis Araya highlighted the benefits of Ethiopia's potential NDB membership, emphasizing access to concessional financing with fewer stringent conditions compared to Western-led institutions.
In an interview with Sputnik Africa, he noted that the NDB offers favorable terms, including:
🟠longer repayment periods and lower interest rates that could support sustainable development projects in infrastructure;
🟠poverty reduction;
🟠environmental protection.
Araya also pointed out that Ethiopia's NDB membership could facilitate trade in local currencies with other BRICS nations, reducing reliance on the US dollar.
With Ethiopia facing severe climate challenges despite minimal contributions to global emissions, the expert stressed the importance of accessing green financing.
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