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Ethiopian cabinet approves bill for joining BRICS New Development Bank

Ethiopian government approved a bill to join New Development Bank during a cabinet meeting, sending it to House of People's Representatives for ratification. This decision aims to improve Ethiopia's access to alternative financing for infrastructure projects and support macroeconomic stability.

BRIC Team
BRIC Team
Jun 26, 2026 · 1 min read · 3 views
Ethiopian cabinet approves bill for joining BRICS New Development Bank

Key Takeaways

  • •Ethiopia's Council of Ministers approved a bill for joining the New Development Bank during a cabinet meeting on October 10, 2023.
  • •The government expects NDB membership to enhance access to alternative financing for infrastructure development projects.
  • •Ethiopia officially joined BRICS on January 1, 2024, expanding its international economic engagement.
  • •The NDB aims to promote macroeconomic stability by diversifying Ethiopia's external financing options.
  • •Ethiopian officials believe that joining the NDB will strengthen South-South financial cooperation in the region.

Ethiopian government moves to join New Development Bank (NDB),a financial institution set up by BRICS nations. During cabinet meeting, Council of Ministers approved bill to facilitate Ethiopia's entry.

Decision includes extra proposals,now sent to House of People's Representatives for more debate and ratification. Officials think membership in NDB will open doors to new financing sources for infrastructure projects . And boost Ethiopia's role in South-South financial cooperation.

Government also expects joining NDB will stabilize economy by diversifying external financing. NDB,created by BRICS,focuses on infrastructure and sustainable development. Ethiopia is on path to membership,with formal accession process ahead . Officially joined BRICS on January 1, 2024,starting new chapter in international economic ties…

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