Ethiopia's Council of Ministers Approves BRICS New Development Bank Membership Bid
Ethiopia's Council of Ministers Approves BRICS New Development Bank Membership Bid
Following its ratification by the cabinet, the NDB accession bill is now set to be submitted to the House of Peoples' Representatives for final approval, the government announced.
Ethiopia’s membership in the bank has been described as having several economic benefits, including:
🟠Access to additional financing for national development projects;
🟠New funding options for infrastructure development;
🟠Alternative financial sources to support macroeconomic stability;
🟠Strengthened ties with South‑South financial systems.
The move follows Ethiopia's formal admission to BRICS in 2024. The NDB, established in 2015, mobilizes resources for infrastructure and sustainable development projects.
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