5
banks of BRICS nations sign pact for credit lines
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 was signed ahead of the BRICS (Brazil,
Russia, India, China and South Africa) summit in China’s Xiamen city.
Brazilian Development Bank (BNDES),
Vnesheconombank, Export-Import Bank of India, China Development Bank and
Development Bank of South Africa (DBSA) have signed an agreement to establish
credit lines in the national currencies, as well as a memorandum of cooperation
on credit ratings.
Ahead of the BRICS summit, the New Development Bank (NDB) of
the BRICS countries has approved USD 1.4 billion loans for sustainable
development projects in China, India and Russia.
The Board of Directors of the bank have approved four
infrastructure and sustainable development projects in the three countries.
For India, the Bank has approved USD 470
million loan for Madhya Pradesh?s Multi-Village Rural Drinking Water Supply
Scheme Project.
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