5 banks of BRICS nations sign pact for credit lines
Five banks of the BRICS Bank Cooperation Mechanism, Brazilian Development Bank (Brazil), Vnesheconombank (Russia), EXIM Bank (India), China Development Bank (China) and Development Bank of Southern Africa (South Africa) have agreed to establish credit lines in the national currencies and cooperate on credit ratings in Beijing. Recently New Development Bank (NDB) of the BRICS countries has approved 1.4 billion US dollar loans for sustainable development projects in India, China and Russia. China is hosting the 9th BRICS Summit in Xiamen city. The theme of the 9th BRICS Summit is “Stronger Partnership for a better future”.