OREANDA-NEWS. March 29, 2012. An annual meeting of partner banks’ heads on the mechanism for BRICS interbank cooperation and the BRICS Financial Forum were held in New Delhi (India). Vnesheconombank Chairman Vladimir Dmitriev participated in the events. The events are timed to the 4th Summit of BRICS Nations Heads of States to be held on March 29, 2012.

In his address at the Financial Forum Vladimir Dmitriev highly appreciated the significance of the General Agreement on Extending Credits in National Currencies and the Multilateral Agreement on Confirming Letters of Credit within the BRICS Interbank Cooperation Mechanism. The Agreements are to be signed at the Summit in the presence BRICS Nations Heads of State. Vnesheconombank’s Chairman said: “Vnesheconombank is going to increasingly rely on the BRICS interbank cooperation mechanisms in its practical activity. BRICS nations’ economic potential is enormous and that is why the young alliance’s prospects are very optimistic. We are sure that development banks of Brazil, China, Russia, India and the Republic of South Africa will play a significant role in shaping up a powerful Alliance that will form a new financial architecture and determine economic trends of the first decades of the 21st century.

The Financial Forum’s participants stated that the BRICS interbank cooperation is aimed at implementing principles of sustainable development and at active interaction on the key issue of the changing global economic order.

Vladimir Dmitriev invited representatives of BRICS nations’ banks to participate in a panel discussion organized by Vnesheconombank as part of the Petersburg International Economic Forum 2012. The panel discussion is devoted to innovative forms of the state’s support for projects focused on sustainable development.

As part of the annual meeting of partner-banks’ heads on the BRICS interbank cooperation mechanism there were important bilateral meetings of heads of BRICS nations’ development and export support institutions where they discussed prospects for implementing joint investment projects in various areas.

Moreover, a presentation of the Russian Export Credit and Investment Insurance Agency (Vnesheconombank’s subsidiary) was given at the Financial Forum.

The BRICS interbank cooperation mechanism was formed as a result of signing a Memorandum on cooperation between BRICS nations’ development and export support institutions dated April 15, 2010.

The Memorandum is mainly designed to promote all-round, long-term, interbank cooperation between partners in order to enhance trade and economic relations between BRICS member nations as well as provide support for socially meaningful and regional projects.

Partners in the Memorandum are the Brazilian Development Bank (BNDES), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the China Development Bank (CDB), the Export-Import Bank of India, the Development Bank of Southern Africa (DBSA).