Ethiopia is at the Right Time to Join BRICS Development Bank: Ethiopian Expert
19:46 30.06.2026 (Updated: 20:04 30.06.2026)
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Ethiopia is at the Right Time to Join BRICS Development Bank: Ethiopian Expert
The bank's focus on interest and targeted development projects, as well as its "consensus-based" framework, present a good opportunity for Ethiopia's growth progress, Teshome Adugna, economic development researcher, told Sputnik Africa, following the Council of Ministers' approval of Ethiopia becoming a member of the BRICS Development Bank.
The expert outlined the most critical benefits of joining the BRICS bank:
As dollar-based currency loans disrupt the macroeconomy, reducing dollar pressure will reduce instability.
The additional financial option obtained from the New Development Bank will increase foreign reserve.
The bank's lending framework is based on mutual understanding and cooperation, in contrast to the World Bank and the IMF.
"Getting this financial institution, Ethiopia can speed up, can realize a big push for economy development [...] in terms of infrastructure, in terms of resource mobilization."
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