BRICS Banks to Finance Projects in National Currencies

The major development banks of the BRICS states will finance projects in each other’s states in national currencies, Russia’s national development bank Vnesheconombank (VEB) said on Thursday, after VEB signed a deal with BRICS nations banks in Delhi, India on mutal financing.

“The agreement envisages the establishment of basic mechanisms for calculating and financing projects in national currencies among BRICS countries’ authorized banks,” VEB said in a statement.

VEB signed the agreement mutual financing with China Development Bank, Export-Import Bank of India, Development Bank of Southern Africa and Brazil’s Banco Nacional de Desenvolvimento Economico e Social.

Interbank cooperation by the BRICS countries was set out in a memorandum signed in April 2010. The plan aims to develop long-term interbank cooperation between the five countries, improve trade and economic contacts and implement socially important projects.

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