The BRICS interbank cooperation mechanism
In order to develop and strengthen economic ties and investment cooperation between BRICS countries, in 2010 state financial institutions for development and export support of the BRICS nations entered into a Memorandum on cooperation, thus creating the BRICS interbank cooperation mechanism.
One of the main purposes of cooperation is to set up a scheme designed to provide financing and banking services for future investment projects that could be beneficial for the economic development of the BRICS countries.
The participants of the BRICS interbank cooperation mechanism are the Brazilian Development Bank (BNDES), State Corporation «Bank for Development and Foreign Economic Affairs (Vnesheconombank)» (Russian Federation), Export-Import Bank of India, China Development Bank Corporation, Development Bank of Southern Africa (DBSA).
On the basis of agreements that have been signed within the framework of the BRICS interbank cooperation mechanism, the member banks have taken steps towards developing multilateral financial cooperation within the BRICS countries and created basic mechanisms for settling payments and financing investment projects in local currencies.