Addis Ababa, June 26, 2026 (FMC) — Ethiopia’s Council of Ministers has discussed and endorsed, among others, a draft proclamation that would pave the way for the country’s accession to the New Development Bank (NDB), established by the BRICS member states.
The proposed legislation is part of a broader set of policy and financing decisions reviewed during the Council’s 57th regular session held today.
In its deliberation, the Council noted that membership in the New Development Bank would expand Ethiopia’s access to diversified sources of development financing, particularly for infrastructure investment and priority development projects, while also strengthening the country’s engagement with emerging South–South financial cooperation frameworks.
It was further indicated that accession to the Bank would contribute to enhancing macroeconomic stability by broadening external financing options and reducing dependence on limited funding channels.
After discussion, the Council unanimously endorsed the draft proclamation with additional inputs and decided to forward it to the House of People’s Representatives for further deliberation and final ratification.
The draft is among several key financing, regulatory, and policy-related measures considered by the Council during the session.