BRICS and NDB Advocate for Equitable Economic Opportunities, Says Russian Ambassador to Ethiopia.

Addis Ababa: The New Development Bank (NDB), which is in alignment with the BRICS association, is striving towards a more inclusive, resilient, and sustainable global environment, according to the Russian Ambassador to Ethiopia, Evgeny Terekhin. The initiative aims to offer member nations equitable and accessible economic opportunities.According to Ethiopian News Agency, Ambassador Terekhin, during a briefing on the outcomes of the BRICS + 2024 Summit, highlighted the democratic decision-making structure of BRICS, which he described as being more egalitarian compared to many established organizations. The Ambassador noted that member countries are actively seeking alternative funding sources, with developing nations placing their trust in the New Development Bank. This bank has issued billions of dollars in loans, allowing them to be repaid in national currencies, which is a significant advantage for these nations.Ambassador Terekhin pointed out that the countries of the Global South are currently in cons iderable need of financial resources, facing challenging conditions to secure such resources. He emphasized the importance of providing funding in national currencies and specialized formats. The NDB is committed to this mission, offering funds not only for sovereign projects but also for private initiatives.Since 2018, the bank has financed approximately one hundred projects, totaling 33 billion USD. Ambassador Terekhin elaborated that increasing the share of settlements in national currencies helps reduce debt servicing costs, bolster the financial independence of BRICS states, and minimize geopolitical risks, thereby striving to free economic development from political influence as much as possible in today's world.Ethiopia's inclusion in the BRICS +, an association of countries with similar economic aspirations, marks a significant diplomatic achievement. The expansion of BRICS and the NDB's focus on ensuring necessary financial resources for projects in the Global South are considered of paramount im portance.