The 2020 Annual Meeting of the BRICS Inter-bank Cooperation Mechanism and the BRICS Annual Financial Forum was held virtually on November 16, 2020. Ouyang Weimin, President of CDB, delivered a speech entitled “Advocating Green Financing for a Bright Future of Sustainable Development in BRICS Countries”.
According to Ouyang Weimin, all member banks, which have been sticking to the BRICS spirit of openness, inclusiveness, and win-win cooperation since the BRICS Inter-bank Cooperation Mechanism was created 10 years ago, have actively fostered pragmatic cooperation in the financial sector and made valuable contributions to facilitating economic and trade cooperation as well as sustainable economic development of BRICS countries. CDB, as a bank exploring and practicing green finance in China, has played a positive role in assisting the country to win the battle against pollution as well as stimulating green and low-carbon development of the country.
Ouyang Weimin emphasized that green, inclusive and sustainable development has become an important trend in today’s world. As BRICS countries are in urgent need of accelerating economic transformation to achieve green development, it is suggested that all member banks of the BRICS Inter-bank Cooperation Mechanism further strengthen cooperation in green finance. Firstly, we should establish the concept of green development to offer more diversified, secure and sound financial support to the green development of BRICS countries. Secondly, we should make use of the advantages of medium and long-term investment and financing to support the construction of major projects in the areas of pollution prevention and control, ecological restoration, low-carbon industries and green technology innovation. Thirdly, we should develop new models and methods to improve quality of financial services. Fourthly, we should conduct in-depth exchanges and discussions to expand mutually beneficial cooperation.
The meeting was hosted by Vnesheconombank, the rotating Chairman Bank of the BRICS Inter-bank Cooperation Mechanism for this year. Attendees from the member banks and the New Development Bank exchanged views on jointly overcoming the challenges of COVID-19, supporting the economic recovery of BRICS countries, advocating the principle of responsible financing, and advancing the construction of green financing systems and cooperation in green finance in BRICS countries. All participating parties agreed that member banks should make concerted efforts to address the impacts of the epidemic and stimulate high-quality economic recovery of BRICS countries. At the meeting, representatives from the five member banks signed the Memorandum of BRICS DFIs Principles for Responsible Financing.
It is reported that on April 15, 2010, CDB, the Brazilian Development Bank, Vnesheconombank and the Export-Import Bank of India signed a memorandum of cooperation in Brasilia, marking the official establishment of the BRICS Inter-bank Cooperation Mechanism. On April 13, 2011, the Development Bank of Southern Africa joined the cooperation mechanism. The BRICS Inter-bank Cooperation Mechanism holds a meeting and a BRICS financial forum every year. Over the past decade, the member banks of the cooperation mechanism have signed a number of multilateral cooperation agreements that have produced results covering a wide range of fields such as local currency credit lines, confirmed letter of credit services, financial technology, and financing for sustainable development and infrastructure, giving a strong impetus to financial cooperation as well as economic, trade and investment facilitation of BRICS countries.
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