Sunday, November 19 2017

September 3, 2017

BRICS Banks sign pact for credit lines

Five banks including Export-Import Bank of India, of the BRICS Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings.The agreement to this effect was signed ahead of the BRICS Summit in China’s Xiamen city.China Development Bank,Brazilian Development Bank, Vnesheconombank, Export-Import Bank of India and Development Bank of South Africa signed the agreement in Beijing.For India, the Bank has approved 470 million US dollars loan for Madhya Pradesh’s Multi-Village Rural Drinking Water Supply Scheme Project.