Five banks of the BRICS Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings.
The agreement to this effect was signed yesterday ahead of the BRICS Summit in China’s Xiamen city.
Brazilian Development Bank, Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa signed the agreement in Beijing yesterday.
The Chinese official said the decision was taken in order to strengthen further cooperation.
The agreement on credit ratings enables them to share information about internal credit ratings and rating assessment.
Ahead of the BRICS summit, the New Development Bank (NDB) of the BRICS countries has approved 1.4 billion US dollar loans for sustainable development projects in India, Russia and China.
For India, the Bank has approved 470 million US dollars loan for Madhya Pradesh’s Multi-Village Rural Drinking Water Supply Scheme Project.