Ethiopia is on the verge of a significant milestone in its economic journey as it prepares to join the BRICS New Development Bank (NDB). The country has officially submitted its application and is eagerly awaiting confirmation, with strong political backing from the BRICS member states.
According to Ethiopian Ambassador to Brazil, Leulseged Tadese Abebe, “We are committed to the BRICS structure, and the New Development Bank is a vital pillar.” The Ambassador expressed optimism that the membership process will be finalized soon, paving the way for Ethiopia to tap into new international funding sources and accelerate economic transformation through strategic partnerships.
Upon joining the NDB, Ethiopia plans to prioritize key sectors such as agriculture, energy, and industry. Ambassador Abebe highlighted the role of the African Union within the BRICS alliance, pushing for sustainable growth and aiming “to amplify Africa’s voice within BRICS and promote the continent as a hub for trade, investment, and innovation”.
Ethiopia’s membership bid is seen as a strategic move to deepen economic ties with emerging global partners. The NDB, founded in 2014, focuses on financing infrastructure and development projects across the Global South, including clean energy, transportation, and digital infrastructure.
With Ethiopia’s potential membership, the country is poised to benefit from increased investment opportunities, multilateral partnerships, and infrastructure development financing. As one of the fastest-growing economies in Africa, Ethiopia’s inclusion in the NDB would mark a significant step in the bank’s strategy to extend its reach across the continent.