Ethiopia set to become 4th African member of BRICS New Development Bank
Ethiopia has perfected plans to join the BRICS New Development Bank, making it the fourth African nation to become a member of the institution.
Ethiopia plans to join the BRICS New Development Bank, becoming the fourth African nation to be a member
Ethiopia has submitted its application for NDB membership and received political support from all BRICS members
The NDB has three African member countries: South Africa, Egypt, and Algeria, with Ethiopia set to join soon
This move highlights Ethiopia's growing role in international economic partnerships and highlights the BRICS Bank's commitment to expanding its influence across emerging markets, particularly in Africa.
The move for Ethiopia's accession to the BRICS New Development Bank (NDB) was confirmed by the Ethiopian Ambassador to Brazil, Leulseged Tadese Abebe, during an interview published on the website of Brazil's BRICS Chairmanship, a partner of TV BRICS.
Ambassador Abebe revealed that Ethiopia had already submitted its application for NDB membership and highlighted that joining the bank is a key priority for the country this year.
He emphasized Ethiopia's full commitment to integrating with the BRICS mechanisms, stating, " One of the most important pillars in the BRICS family is the New Development Bank."
The ambassador further noted that Ethiopia has already garnered political support from all BRICS members and expressed optimism about completing the accession process soon.
Once a member, Ethiopia intends to focus on key priority sectors such as agriculture, energy, and industry, aiming to drive sustainable development in these critical areas.
The addition of Ethiopia to the bank is expected to further strengthen its development initiatives on the continent, supporting critical infrastructure and sustainable projects in one of Africa's fastest-growing economies.
The NDB membership in Africa
The New Development Bank (NDB) has three African member countries - South Africa, Egypt, and Algeria - with Ethiopia set to join soon. These members reflect the bank's growing influence in supporting sustainable development in Africa.
Key points about each country include:
- South Africa (founding member - July 3, 2015): Participates in NDB operations, funds infrastructure projects, and promotes sustainable development.
- Egypt (member since Feb 20, 2023: Leverages NDB funding for regional cooperation, energy, infrastructure, and trade projects.
- Algeria (member since August 31, 2024): Brings expertise in sustainable energy development and is expected to benefit from NDB financing for infrastructure and industrial capacity expansion.
- Ethiopia (set to join): Plans to focus NDB resources on agriculture, energy, and industry, strengthening the NDB's presence in the Horn of Africa.
The NDB's expansion in Africa highlights the continent's growing role in global economic governance and its commitment to infrastructure, energy, and sustainable development projects.
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