Cabinet approves pacts signed by Exim Bank under BRICS mechanism

Posted on:28 Sep 2017 10:09:15
Cabinet approves pacts signed by Exim Bank under BRICS mechanism
28 September 2017 Current Affairs: The Cabinet approved the signing of Interbank Local Currency Credit Line Agreement and Cooperation Memorandum relating to Credit Ratings by Exim Bank with member banks under BRICS Interbank Cooperation Mechanism.

The Cabinet has authorized Board of Directors of Exim Bank to negotiate and conclude any individual contracts and commitments within their framework as both agreements are non-binding in nature.

They will promote multilateral interaction within the area of mutual interest which will deepen political and economic relations with BRICS nations.

 

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