The Ministry of Foreign Affairs of Ethiopia announced that the country is trying hard to become member of BRICS’ New Development Bank.
In a media briefing regarding the country’s diplomatic activities over the week, Spokesperson of the Ministry Nebiyu Tedla, expressed that Ethiopian delegation led by State Minister of Foreign Affairs Ambassador Mesganu Arga discussed the country’s aspiration to join the BRICS’ New Development Bank (NDB) in the consultation of member countries held in Moscow, Russia.
The Spokesperson elaborated that Ethiopia’s admission to the BRICS’ bloc is to protect its national interests and utilize different benefits in the financial and related matters.
Nebiyu expressed that the country’s endeavour to become a member of the NDB is part of the national ambition to get the best out of the participation in the international organizations like BRICS.
In 2021, NDB was announced the membership of Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries. By the time, the then President of the bank Marcos Troyjo said, “We will continue to expand the Bank’s membership in a gradual and balanced manner.”
NDB was initially established in 2015 by Brazil, Russia, India, China, and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries. The Bank has approved 106 projects globally amounting to $34 billion in financing across sectors such as clean energy, transport, water and sanitation, environmental protection, social, and digital infrastructure.
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