By Eve Omayrs
Ethiopia is on the verge of making history as it prepares to become the fourth African nation to join the BRICS New Development Bank (NDB), a move that signals its growing ambition and influence in global economic affairs.
According to Ambassador Leulseged Tadese Abebe, Ethiopia’s envoy to Brazil, the country has formally submitted its application to join the BRICS Bank and has secured political backing from all five founding member states—Brazil, Russia, India, China, and South Africa. The Ambassador made the disclosure during a recent interview published on the official website of Brazil’s BRICS Chairmanship, in partnership with TV BRICS.
With this development, Ethiopia is set to join the ranks of South Africa, Egypt, and Algeria as African members of the NDB, a multilateral development institution established in 2015 to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies.
Observers say Ethiopia’s accession would not only deepen its ties with emerging economies but also mark a significant step in the BRICS Bank's broader strategy to extend its reach and influence across Africa. For a country often seen as a gateway to the Horn of Africa, Ethiopia’s inclusion is expected to open doors to greater investment opportunities, multilateral partnerships, and infrastructure development financing.
The New Development Bank, headquartered in Shanghai, China, has in recent years expanded its membership beyond the original BRICS countries to include several other nations, underscoring its commitment to building a more inclusive financial architecture that reflects the needs and aspirations of the Global South.
Ethiopia’s move comes at a time when the BRICS group itself is expanding its scope, recently inviting countries like Argentina, Saudi Arabia, and Iran to join its fold. As Africa’s second-most populous country and one of the fastest-growing economies on the continent, Ethiopia’s entry into the NDB is widely viewed as both strategic and symbolic.
While the final stages of the membership process are still underway, the political consensus among BRICS leaders gives Ethiopia a strong footing and sends a clear message: the future of global finance is no longer shaped by the West alone.