Ethiopia Seeks Membership in BRICS’ New Development Bank

ADDIS ABABA — Ethiopia is actively pursuing membership in the New Development Bank, a financial institution established by the BRICS nations. This was announced during a press conference by Nebiyu Tedla, a spokesperson for the Ministry of Foreign Affairs. Tedla highlighted Ethiopia’s efforts to join the bank as part of its broader strategy to engage with emerging global economic groups to safeguard its national interests and explore alternative financial opportunities.

According to Ethiopian News Agency, the move to join the New Development Bank follows a series of diplomatic engagements, including a delegation led by the State Minister of Foreign Affairs, Mesganu Arga, to a BRICS consultation in Moscow. In addition to its bid for the bank membership, Ethiopia is preparing to host the preparatory conference of the 4th UN International Conference on financing for development in July 2024.

Further diplomatic activities mentioned by Tedla include discussions between Foreign Minister Taye Atske Selassie and Amina Mohammed, the Deputy Secretary General of the United Nations, focused on strengthening the multifaceted partnership between Ethiopia and the UN. Additionally, the spokesperson briefed on the Ethio-Slovenia political consultation held in Addis Ababa, aiming to enhance bilateral relations and discuss regional and global issues of mutual interest.

The visit of Libyan Prime Minister Abdul Hamid Al-Dabaiba to Addis Ababa was also highlighted as a success, with discussions focusing on cooperation in peace and stability and human resource exchange.