Five banks of BRICS nations sign agreement to establish credit lines

Five banks of the BRICS (Brazil, Russia, India, China and South Africa) Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings.

Created On: Sep 4, 2017 13:14 IST
Five banks of BRICS nations sign agreement to establish credit lines
Five banks of BRICS nations sign agreement to establish credit lines

Five banks of the BRICS (Brazil, Russia, India, China and South Africa) 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 ninth edition of the BRICS Summit, which is underway in Xiamen, China. The 2017 summit, attended by leaders of the five countries including Indian Prime Minister Narendra Modi, is centred on the theme of ‘Stronger Partnership for a Brighter Future’.

The summit will conclude on 5 September.

Key Highlights of the agreement

• Five banks including Brazilian Development Bank (BNDES), Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa (DBSA) signed the agreement to establish credit lines in the national currencies.

• The banks also signed a memorandum of cooperation on credit ratings.

• The agreement on credit ratings reportedly enables the banks to share information about internal credit ratings and rating assessment.

• The decision was taken in order to bolster further cooperation.

CA eBook

Besides this, the New Development Bank (NDB) of the BRICS countries has approved USD 1.4 billion loans for four infrastructure and sustainable development projects in the three countries including China, India and Russia.

For India specifically, the bank has approved USD 470 million loan for Madhya Pradesh’s Multi-Village Rural Drinking Water Supply Scheme Project.

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

3 + 7 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all