Ethiopia's Council of Ministers decided on 26 June 2026 to refer the agreement establishing the New Development Bank to the House of Peoples’ Representatives for ratification. The move follows the bank's board approval of Ethiopia's membership in 2025.
Ethiopia submitted its application to the NDB in October 2023. The country joined BRICS on 1 January 2024. The bank was established by BRICS nations in 2015.
Upon completion of ratification and deposit of the instrument of accession with Brazil, Ethiopia will become a full member. The bank's board approved Ethiopia's admission in 2025.
The bank admitted Algeria in 2025 and Uzbekistan in 2026. The step opens new financing options for infrastructure projects.