Five banks of BRICS nations sign pact for credit lines
September 4th, 2017
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 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. 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.