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
BY MESERET BEHAILU
THE ETHIOPIAN HERALD TUESDAY 29 OCTOBER 2024
