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.