5 Banks of BRICS Countries Sign Deal For credit Lines
Five banks of the BRICS Bank Cooperation Mechanism have decided to form credit lines in the national currencies and cooperate on credit ratings.
Brazilian Development Bank, Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa signed the agreement in Beijing recently.
According to the Chinese official the decision was taken in order to strengthen further cooperation.
This particular agreement on credit ratings empowers them to share information about internal credit ratings and rating assessment.
The New Development Bank (NDB) of the BRICS countries has approved $1.4 billion loans for sustainable development projects in India, Russia and China.
For India, the Bank has approved $470 million loan for Madhya Pradesh’s Multi-Village Rural Drinking Water Supply Scheme Project.
