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Source: BRICS development banks sign credit agreement

The meeting of the bank representatives was held in the run-up to the BRICS summit due to be held on September 3-5

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BEIJING, September 1. /TASS/. Five banks of the BRICS (Brazil, Russia, India, China and South Africa) Bank Cooperation Mechanism have agreed to establish credit lines and develop cooperation on credit ratings on Friday, a source in the Chinese delegation told TASS.

"Brazilian Development Bank (BNDES), Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa (DBSA) have signed an agreement today to establish credit lines in the national currencies, as well as a memorandum of cooperation on credit ratings," the source said.

He refused to provide any details, noting that "the decision was taken in order to bolster further cooperation."

The meeting of the bank representatives was held in the run-up to the BRICS summit due to be held on September 3-5 in China’s Xiamen, Fujian province.

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