Exim Bank signs MoUs with BRICS bank in Ufa

The Export-Import Bank of India (Exim Bank) has signed a multilateral agreement to cooperate with New Development Bank (NDB) as well as with other member development banks of BRICS nations.

According to a report by PTI, the New Development Bank is being supported by BRICS which includes Brazil, Russia, India, China, and South Africa.

The MoU was signed by Yaduvendra Mathur, chairman and managing director of EXIM Bank and chairpersons or presidents of other member development banks of BRICS in Ufa, Russia during the BRICS Summit 2015, a bank release said.

The apex bank for export and import also signed a cooperation agreement with the Brazilian Development Bank (BNDES). The agreement aims at sharing knowledge, information and best practices; capacity building of personnel, including project development skills; promotion of joint events, research and programmes; development of effective and sustainable financing solutions for projects of mutual interest.