East Africa: Ethiopia Envisages Exploiting NDB to Step Up Dev't

Twitter/ @BRICSGlobe
BRICS summit will see alliance take major step to end US dollar
29 October 2024
The Ethiopian Herald (Addis Ababa)

- Ethiopia has aspired to utilize the financial opportunities that the BRICS' New Development Bank (NDB) offers to developing countries, Mines Minister, Engineer Habtamu Tegene expressed.

The Minister stated that the multilateral development bank that established by the founding members of the BRICS bloc is a great financial opportunity for Ethiopia to hasten its development projects.

Speaking to local media, Eng. Habtamu said that Ethiopia, as a developing nation and member of the BRICS group, has to exploit the NDB as a financial source to effectively execute its development programs.

Eng. Habtamu, who gave the aforementioned explanation about the Ethiopian delegation's stay at the 16th BRICS Summit held in Kazan, Russia, pointed out that BRICS is a bloc that influences the world due to its population and economic potential.

According to him, Ethiopia is working with members of the group in various fields. Therefore, the BRICS' New Development Bank, which is financing infrastructure development of the countries attended the conference, will create a great financial opportunity for Ethiopia.

He also stated that Ethiopia's delegation has discussed with the business institutions in Russia where investors expressed keenness to invest their capital in Ethiopia in various investment sectors. Besides, Prime Minister Abiy Ahmed used the conference as opportunity to convey Ethiopia's stance on BRICS and held sideline meetings with other leaders.

It is to be recalled that the purpose of the new development bank is mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries. NDB was established in 2015 by Brazil, Russia, India, China, and South Africa

Read the original article on Ethiopian Herald.

Tagged:
Copyright © 2024 The Ethiopian Herald. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.