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VEB.RF signs agreement with China, South Africa on credit lines in national currencies

The 16th BRICS Summit, which is the key event of Russia’s chairmanship in the association, is being held in Kazan on October 22-24

KAZAN, October 23. /TASS/. VEB.RF has signed agreement with partners from the People’s Republic of China and the Republic of South Africa (RSA) on credit lines in national currencies, Chairman of the state corporation Igor Shuvalov said at an extended meeting of the BRICS summit.

"We are ready to work on further deepening of both multisided and bilateral ties with partners, financial institutes. We have approved a revised framework cooperation agreement with partners, and we have signed agreement on credit lines in national currencies with China and South Africa. We expect Brazil and India to join this document," he said.

The 16th BRICS Summit, which is the key event of Russia’s chairmanship in the association, is being held in Kazan on October 22-24. The BRICS group was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining it in 2011. On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, became its full-fledged members. The Kazan summit is the first to be attended by the new members of the association. Representatives of more than 30 countries are expected to participate.

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