Borkena
Toronto – Ethiopia and Russia seem to be taking their cooperation in the realm of Finance.
On Wednesday, the National Bank of Ethiopia announced that there was a discussion with a high level Russian delegation.
Maxim Reshetnikov, Russia’s Minister of Economic Development, led the delegation. They held discussions with Eyob Tekaligne, Governor of the National Bank of Ethiopia and Ahmed Shide, Minister of Finance.
“The discussions focused on strengthening bilateral economic and financial cooperation and exploring potential areas of collaboration between the two countries,” the national bank of said in a brief update it shared on its social media page.
No further detail is provided. The Russian Embassy in Ethiopia has not released an update about the meeting.
Borkena reached out to the embassy via e-mail to see if the embassy could share information about the aspects of financial cooperation that was discussed and the outcome of it. The post will be updated if the embassy responds.
Clearly it was a high level meeting involving two ministers from Ethiopia and Russia, and the governor of the national bank of Ethiopia.
Ethiopia has been pursuing a currency swap strategy as part of the effort to reverse problems with shortages of dollar reserves. In July 2024, an agreement was reached with the United Arab Emirates in that area. Recently, there was a conversation with China on similar topics.
Ethiopia and Russia have over 125 years of diplomatic ties and a friendly relation. Notably they have also signed a military cooperation agreement.
The diplomatic interaction seems to have enhanced over the past few years especially after Ethiopia became a member of BRICS.
At the end of September ,an agreement was signed with Rostom and Ethiopia on a nuclear energy development project. Ethiopia has been investing in diversifying energy sources.
And About two weeks ago there was a meeting between Sergey Lavrov and Ethiopian Foreign Minister Gedion Timoteos in Moscow. The purpose of this particular meeting was to discuss “deepening the longstanding and strategic partnership between the two countries,” according to the Ministry of Foreign Affairs of Ethiopia. They also discussed regional and international matters of common concern.
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