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Posted on July 9, 2015
The National Socioeconomic Development Bank (BNDES) has announced this Thursday (09/07) that it had reached a coopoeration agreement with the Brics’ New Development Bank (NBD), joining foment institutions from russia, India, China and South Africa. Now, development banks in countries belonging to the Brics group can explore cooperation possibilities when mobilizing resources for financing, cofinancing and structuring guarantees in infrastructure and sustainable development projects. Among the possibilities to be adopted are loans, issuing of securities, structuring investment funds and creation of financial support programs through project financing, in which the guarantee is provided by the project itself.
Eventual cooperation initiatives will have to conform with each signatory’s specific regulations, among them the Development and Foreing Economic Affairs Bank of Russia (Vnesheconombank), India’s Export-Import Bank, the China Development Bank and the Development Bank of South Africa. Common interest projects are not circumscribed to Brics countries, allowing for involvement from other emerging and developing countries.
The document was signed in the city of Ufa, in Russia, during the 7th Brics summit. According to BNDES, the agreement opens the path for emerging powers to strengthen economic relations in common interest projects inside and outside the bloc. The creation of the NBD had already been formalized during the Brics summit last year in Fortaleza.