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Ethiopian cabinet approves bill on joining BRICS bank

The government approved the document with additional proposals and forwarded it to the House of People's Representatives for further consideration and ratification

NAIROBI, June 26. /TASS/. Ethiopia's Council of Ministers has approved a bill on the country's accession to the New Development Bank (NDB) established by the BRICS countries, broadcaster Fana reported.

According to the broadcaster, the decision was made at a regular cabinet meeting. The government approved the document with additional proposals and forwarded it to the House of People's Representatives (the lower chamber of parliament) for further consideration and ratification.

During the discussion, it was noted that membership in the NDB would allow Ethiopia to expand access to alternative sources of financing for development projects, including infrastructure projects, and strengthen the country's participation in South-South financial cooperation mechanisms. The authorities also expect that joining the bank will contribute to macroeconomic stability through the diversification of external financing.

The NDB was established by the BRICS countries to finance infrastructure and sustainable development projects. According to information on the bank's website, Ethiopia is among the NDB's prospective members and will officially become a member state after completing the accession process.

Ethiopia officially joined BRICS on January 1, 2024.

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