BRICS Interbank Cooperation Mechanism member banks and the New Development Bank announce intention to develop cooperation in priority sectors
During the BRICS summit in Goa, India, member banks of the Interbank Cooperation Mechanism and the New Development Bank signed a Memorandum of understanding.
The document was executed by the heads of Vnesheconombank, Brazilian Development Bank (Banco Nacional de Desenvolvimento Economico e Social (BNDES)), China Development Bank (CDB), Eximbank of India, Development Bank of Southern Africa and the New Development Bank.
The Memorandum defines main areas of interaction and provides for the possibility of cooperation between the banks for the purposes of effective implementation of priority projects in the BRICS states. Particularly, this involves cooperation in spheres of investment, project finance, mutual provision of guarantees, foreign exchange operations, bond issuance, interaction in the HR field and knowledge sharing.
The BRICS Interbank Cooperation Mechanism was formed as a result of signing of a Memorandum on Cooperation by BRICS nations’ development and export support institutions in 2010. In 2011, Development Bank of Southern Africa (DBSA) joined the Mechanism. The Memorandum is mainly designed to promote all-round, long-term, interbank cooperation between partners in order to enhance trade and economic relations between BRICS member nations as well as provide support for socially valuable and regional projects. The BRICS bank partners include the Brazilian Development Bank (BNDES), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the China Development Bank (CDB), the Export-Import Bank of India (Eximbank of India), the Development Bank of Southern Africa (DBSA).Press Office
E-mail: press@veb.ru
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