Ethiopia's BRICS Bank Seat Boosts South-South Cooperation, Says Economist
16:48 01.07.2026 (Updated: 17:04 01.07.2026)
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Ethiopia's BRICS Bank Seat Boosts South-South Cooperation, Says Economist
North-South cooperation has historically failed to consider the development needs of the Global South, instead maintaining a status quo where the South underdeveloped, Ethiopian economist Teshome Adugna told Sputnik Africa.
"There is no reason for the South to always be poor. There is no reason for the North to always be rich," he said. "When we have South-South cooperation, development is based on member interests. But under North-South cooperation, it is based on the preconditions of Western countries."
Ethiopia's seat at BRICS's New Development Bank, he added, provides a financial instrument to translate the country's historical and political power into economic development.
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