The 2022 Annual Conference of the BRICS interbank cooperation mechanism and the BRICS Financial Forum, hosted by China Development Bank (CDB), was held through video conference in Beijing on June 17. CDB President Ouyang Weimin, attended the conference and delivered a speech titled “Bring into Play the Leading Role of Development Finance to Serve BRICS Countries’ Post-Pandemic Economic Recovery”. Leaders of member banks such as the Brazilian Development Bank, Vnesheconombank, Exim Bank India, and Development Bank of Southern Africa as well as the New Development Bank attended the conference and delivered speeches.
Ouyang said that since the establishment of the BRICS interbank cooperation mechanism 12 years ago, the members have continuously enhanced cooperation consensus, broadened cooperation areas and innovated cooperation models, making important contributions to promoting the facilitation of trade and investment and sustainable economic and social development of the BRICS countries. In face of changes that are unseen in a century and the complex situation affected by COVID-19, all member banks should uphold the BRICS spirit of “openness, inclusiveness, cooperation and win-win”, strengthen dialogue, solidarity and coordination, deepen practical financial cooperation, promote stronger, green and sound economic development of the BRICS countries in the post-pandemic era, and build more comprehensive, closer and pragmatic economic and trade cooperation among the BRICS countries.
Ouyang put forward four proposals to further deepen financial cooperation among the member banks and support the sustainable economic and social development of the BRICS countries: First, to strengthen coordination and linkage to provide strong financial support to countries in their fight against the pandemic and for economic recovery; second, to fully implement the concept of responsible financing and vigorously promote green development; third, to strengthen cooperation on digital economy to help create new highlights in the BRICS economic and trade cooperation; and fourth, to improve the cooperation mechanism and promote BRICS financial cooperation to a deeper, higher level in more extensive areas.
Representatives of the member banks and the New Development Bank were invited to deliver speeches and held discussions. They agreed that financial institutions should work together to put into practice the consensus of the BRICS Summit, promote the implementation of the 2030 Sustainable Development Goals (SDGS) and the targets for the intended nationally determined contributions (INDCs) as agreed in the Paris Climate Agreement, and help the BRICS countries to achieve high quality development in the post-pandemic era. At the meeting, the five member banks and the New Development Bank signed a Memorandum of Understanding on General Cooperation, and CDB released the Report on BRICS Sustainable Development – Focusing on Green and Digital Economy and Promoting Coordination and Innovation.
It is reported that the BRICS interbank cooperation mechanism was established on April 15, 2010, with members consisting of the major development finance institutions of China, Brazil, Russia, India and South Africa. Since its inception 12 years ago, the member banks have signed a number of multilateral cooperation agreements covering areas such as local currency credit line, financing for sustainable development and infrastructure, financial technology and responsible financing, which have given a strong boost to BRICS financial cooperation and facilitated trade and investment. As the member bank of China, CDB, relying on the BRICS interbank cooperation mechanism, has been actively promoting practical financial cooperation, issuing more than USD100 billion of loans in the BRICS countries, including 44 billion yuan in RMB, with projects covering priority areas such as infrastructure, SMEs and financial cooperation.
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