Interbank Cooperation Mechanism

In line with the BRICS’ countries’ commitment to strengthen cooperation amongst member BRICS development banks, the Framework Agreement on Financial Cooperation within the BRICS Interbank Cooperation Mechanism was signed by member countries’ development banks.

The Master Agreement on Extending Credit Facility in Local Currency and the Multilateral Letter of Credit Confirmation Facility Agreement between our EXIM/Development Banks where two components of an agreement signed, within the BRICS Interbank Cooperation Mechanism, committing the member banks, namely the Development Bank of South Africa (DBSA), China Development Bank (CDB), EXIM Bank of India, Russia’s Vnesheconombank and Brazil’s Banco Nacional de Desenvolvimemto Economico e Social (BNDES).

Under the mechanism, the member banks would extend credit to each other in local currencies. The aim of the agreements is to strengthen and develop trade and economic relations among the financial institutions and enterprises of the BRICS Member Countries by reducing exchange rate risk arising from cross border trade and to minimise currency exposure. Thus, the Mechanism would enable the five countries to reduce dependence on the US dollar, cut trading costs, increase trade and investment flows.

In order to coordinate the efforts of the member banks in pursuit of these objectives, technical teams liaise and meet on a periodic basis to negotiate and steer cooperation opportunities. Overseeing and coordinating these activities, is the annual Financial Forum coinciding with the annual BRICS Summit, and consisting of the chairmen and chief executives, together with key team members of the respective member banks.

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