MOSCOW, February 10. /TASS/. Ethiopia's accession to BRICS has elevated the country's performance to a qualitatively new level, Russian Ambassador to Ethiopia, Yevgeny Terekhin, said in an interview with TASS.

"Ethiopia's accession to BRICS on January 1, 2024, has elevated the country to a fundamentally new level of international activity. Addis Ababa has become part of an association that accounts for 35.6% of global GDP, already exceeding the G7 (30.3%). The collective value of the member countries is $58.9 trillion, they occupy 36% of the world's land area, and comprise 45% of the planet's population," he said, responding to a question a relevant question.

The diplomat noted that this also opened up access for Ethiopia to alternative sources of financing for infrastructure and agricultural projects, "reducing dependence on traditional Western institutions."

"As Prime Minister [of Ethiopia] Abiy Ahmed rightly noted at the 2024 summit in Kazan, our partnership must address economic imbalances in the global system. In terms of financial mechanisms, the effect is already noticeable, although it is premature to talk about a fully established independent system. We are moving in stages, through expanding settlements in national currencies and integrating payment platforms," he said.

The ambassador added that Russia actively supports the inclusion of Ethiopian banks in these processes, as well as Ethiopia's accession to the New Development Bank (NDB), where the country "plans to focus on energy and industrial projects."

"Our shared goal is to create a financial architecture that is resilient to sanctions risks, which fully meets the interests of the sovereign development of both states," he said.