BRIC banks sign pact to enhance economic cooperation

BRIC banks sign pact to enhance economic cooperation






Brasilia:The state-run banks of Brazil, Russia, India and China (BRIC) today entered into a pact to strengthen and enhance trade and economic cooperation. The Banco Nacional de Desenvolvimento Economico e Social of Brazil, State Corporation Bank for Development and Foreign Economic Affairs of Russia, Export-Import Bank of India, and China Development Bank Corporation signed a memorandum of understanding (MoU) in this regard here today on the sidelines of the second BRIC Summit.

As per the MoU, the BRIC countries would develop comprehensive long-term cooperation among themselves to facilitate and support cross-border transactions and projects of common interest.

The four nations also agreed to develop a scheme designed to provide financing and banking services for investment projects and also study the feasibility of setting up an inter-bank entity.

Addressing the Summit, Prime Minister Manmohan Singh said the four countries can benefit by sharing their experiences in the field of inclusive growth













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