It is to be noted that BRICS agreed to "strengthen It is to be noted that BRICS agreed to "strengthen financial cooperation" among their individual development banks at the Leaders Summit at Sanya in 2011. For furthering this objective, the Forum recommended exploring the possibility of establishment and operational modalities of financial institutions such as a Development Bank and or an Investment Fund that can assist in the development of BRICS and other developing countries. Besides, the BRICS member-nations would sign two agreements relating with line of credit (LoC) and letter of credit tomorrow. "Local currency line of credit (LoC) facility among the member-banks and the other one is the letter of credit information facility," Chairman of Board of Directors of China Development Bank Chen Yuan said. "The first one would facilitate member banks to extend lines of credit to each other and the the second one is the letter of credit facility is that one member bank can issue letter of credit to be confirmed by another member bank of BRICS," Chen said. Member banks include Export-Import Bank of India, Brazil’s BNDES, China Development Bank, Russia’s state development bank Vnesheconom bank and the Development Bank of South Africa.
  
SOURCE: ibnlive.in.com
 
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