Exim Bank, BRICS member development banks ink MoU with New Development Bank

MUMBAI: Export-Import Bank of India (Exim Bank) today said it has signed a multilateral agreement to cooperate with New Development Bank (NDB) along with other member development banks of BRICS nations.

New Development Bank (NDB) is promoted by the BRICS nations -- Brazil, Russia, India, China, and South Africa.

The agreement was signed between Exim Bank Chairman and Managing Director Yaduvendra Mathur and Chairpersons or Presidents of other member development banks of BRICS in Ufa, Russia during the BRICS Summit 2015, a bank release said.

Exim Bank also signed a cooperation agreement with Brazilian Development Bank (BNDES).

This MoU is aimed at sharing of 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, the release said.