OREANDA-NEWS. March 29, 2012. In the course of the BRICS member states summit at an official ceremony in the presence of heads of state in New Delhi, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the China Development Bank, the Export-Import Bank of India, the Brazilian Development Bank and the Development Bank of Southern Africa entered into a General Agreement on Extending Credits in National Currencies and an Agreement on Confirming Letters of Credit within the BRICS Interbank Cooperation Mechanism.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the China Development Bank – by Board Chairman Chen Yuan, on behalf of the Export-Import Bank of India - by Board Chairman T.C.A. Ranghanathan, on behalf of the Brazilian Development Bank – by President Luciano Coutinho, on behalf of the Development Bank of Southern Africa – by Board Chairman Jabu Moleketi.

The Agreements provide for creating basic mechanisms for making payments and funding projects in national currencies between BRICS member states’ authorized banks.

The Agreements’ implementation will help to optimize interbank payments under contracts of foreign economic activity entities of BRICS member states and bring economic relations to a qualitatively new level.

BRICS is an international association of emerging countries. It is comprised of Brazil, Russia, India, China, and the Republic of Southern Africa (the latter joined the BRIC association in April of 2011). The BRICS Declaration approved at the 2011 summit provides for cooperation between member states in a number of areas including cooperation on political, financial, social as well as security issues.