Five banks of BRICS nations sign pact for credit lines

Posted on:04 Sep 2017 12:09:04
Five banks of BRICS nations sign pact for credit lines
04 September 2017 Current Affairs: Five banks of Brazil, Russia, India, China, South Africa (BRICS) Interbank Cooperation Mechanism (ICM) agreed to establish local currency credit lines and develop cooperation on credit ratings.

These five banks are Brazilian Development Bank, Russia’s Vnesheconombank, Export-Import Bank of India (EXIM), China Development Bank and Development Bank of South Africa.

The agreement will allow these five banks to establish framework mechanism to extend credit lines in local currencies to BRICS ICM members and BRICS countries.

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