OREANDA-NEWS. Heads of Banks participating in the BRICS Cooperation Mechanism entered into a Memorandum of Intent on Cooperation with the New Development Bank in the presence of BRICS Heads of State in the course of the BRICS Summit in the city of Ufa.

The Memorandum was signed by State Corporation'Bank for Development and Foreign Economic Affairs (Vnesheconombank)', Brazilian Development Bank (BNDES), the China Development Bank (CDB), the Export-Import Bank of India and the Development Bank of Southern Africa.

The Memorandum states intention of Banks participating in the BRICS Cooperation Mechanism to interact with the New Development Bank and sets forth potential parameters and lines of such interaction. Specifically, the Memorandumprovides for possible cooperation in infrastructure and sustainable development.

According to Vnesheconombank Chairman Vladimir Dmitriev, "banks participating the BRICS Interbank Cooperation Mechanism and the New Development Bank have similar objectives and that is why our cooperation will have a positive influence on the development of the BRICS countries' economies".

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. BRICS countries authorized banks 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 and the Development Bank of Southern Africa (DBSA).