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Posted on July 14, 2015
The National Social and Economic Development Bank (BNDES) and Exim Bank India (Export-Import Bank of India) have signed a memorandum of understanding which strengthens their relationship and opens a path to increase cooperation initiatives between the two institutions. The document was signed during the VII BRICS Summit, held in Ufa, Russia, last week.
In the document, the institutions commit to intensifying their cooperation for the implementation of common interest projects and activities. Among the long term possibilities opened by the deal are future joint financings and the development of financial solutions for common interest projects in Brazil, India or other countries.
The establishment of the memorandum of understanding between the two institutions is timely, because Exim Bank India has worked to tighten their relations with other fomentation institutions worldwide, among which BNDES stands out. The Brazilian bank, on the other hand, has interest in studying and enable new ways to support Brazilian companies going international and making Brazilian exports more competitive.
BNDES and Exim Bank India are a part of the BRICS development banks group, which held a meeting in parallel to the emerging powers’ summit.