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.
You Must Read Takeaways from Above News-
- China is hosting the 9th BRICS Summit.
- The theme of the 9th BRICS Summit is “Stronger Partnership for a brighter future”.
- The BRIC, comprising, Brazil, Russia, India and China formally came into existence in 2006 and its first Summit was held in 2009.
- South Africa was admitted in 2011 and it became BRICS.
Source- All India Radio (AIR News)