BRICS Banks Sign Credit Accord
BRICS Banks Sign Credit Accord

BRICS Banks Sign Credit Accord

BRICS Banks Sign Credit Accord

Five banks of the BRICS (Brazil, Russia, India, China and South Africa) Bank Cooperation Mechanism have agreed to establish credit lines and develop cooperation on credit ratings on Friday, a source in the Chinese delegation told Tass. “Brazilian Development Bank, Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa signed an agreement Friday to establish credit lines in the national currencies, as well as a memorandum of cooperation on credit ratings,” the source said. He refused to provide any details, noting that “the decision was taken in order to bolster further cooperation”. The meeting of the bank representatives was held in the run-up to the BRICS summit due to be held on September 3-5 in China’s Xiamen, Fujian province.  Meanwhile, ahead of the BRICS summit, the New Development Bank of the five-member group on Wednesday approved $1.4 billion loans for sustainable development projects in China, India and Russia, PTI said.

Short URL : https://goo.gl/EoCYH7
  1. https://goo.gl/5o46s3
  • https://goo.gl/6wFnG8
  • https://goo.gl/GacXKg
  • https://goo.gl/dnkyRm
  • https://goo.gl/LMKmXb

You can also read ...

Indonesia’s interest rate rise highlights need for urgent defensive action.
Argentina's return to financial chaos might seem remote to...
Pakistan Retains Stable Rating
Moody’s Investors Service said that Pakistan’s (B3 stable)...
Real growth of the oil sector was  14.77% year-on-year in Q1.
Nigeria’s economy expanded for a fourth straight quarter in...
Goldman Says US in Dire Straits
Goldman Sachs’ analysts delivered a weekend note on the United...
Chan Chun Sing (L) and CEO of the Singapore Business Federation Ho Meng Kit,  at The Business Times Leaders Forum on Monday.
With the rise in unilateralism and protectionism, the...
Japan April Exports Accelerate
Japan’s exports accelerated in April on increased shipments of...
Taiwan Economic Sentiment Weakens
Sentiment toward Taiwan’s economy weakened in May after the...
Bruno Le Maire
The stability of the eurozone will be at stake if a populist...

Add new comment

Read our comment policy before posting your viewpoints