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BRICS Inter-bank Cooperation Mechanism Annual Meeting and Financial

Forum Held and CDB Recorded Outstanding Loans of over USD38 billion to BRICS Countries

2011 BRICS Inter-bank Cooperation Mechanism Annual Meeting and Financial Forum was held in Sanya today. Member banks of the BRICS Inter-bank Cooperation Mechanism, including China Development Bank ("CDB"), Brazilian Development Bank, Russia's State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconobank), Export-Import Bank of India and the Development Bank of Southern Africa (DBSA), and some renowned enterprises from BRICS countries attended the forum. Li Wuwei, Vice Chairman of the Chinese People's Political Consultative Conference, was present and delivered an address at the meeting.

This forum themed as "Financial Cooperation for A Better Future" was sponsored by China Development Bank. At the forum, representatives from the banks, enterprises and academic circles of BRICS countries discussed such topics as economic and financial development situations of global and BRICS countries, expansion of mutually beneficial cooperation, and promotion of investment and financing cooperation among the banks and enterprises of BRICS countries in the fields of infrastructure, resources development and low carbon economy.

Chen Yuan, Chairman of CDB, remarked that the BRICS countries enjoy strong economic complementarity and have big market room and promising cooperation prospect. In the face of the international financial crisis, BRICS countries achieved sound economic growth and displayed to the world a new look of emerging market countries. These countries have become one of the major engines driving the world's economic recovery and development. In recent years, trade and investment among BRICS countries increased remarkably, economic and trade cooperation became increasingly close. BRICS countries have reached a high consensus on deepening financial cooperation and promoting the mutual benefit.

Chen stressed that since the BRICS Inter-bank Cooperation Mechanism was established, a cooperation pattern backed by the cooperation mechanism and focusing on financing services has taken shape. Through mutual credit extension, project financing and trade financing in a market-oriented manner, the banks of BRICS countries played an active role in promoting the economic and trade cooperation. CDB has granted accumulative loans of over USD 38 billion to BRICS countries, involving many sectors such as infrastructure and energy resources.

To promote the healthy and sustained development of BRICS Inter-bank Cooperation Mechanism, Chen shared several suggestions: first, vigorously promote cooperation in project financing planning with a long-term perspective; second, achieve a high-level consensus on stimulating development through development finance; third, seize opportunities and enhance cooperation in investment and financing for key areas; fourth, increase national currency settlement and lending in a practical and efficient way; fifth, improve cooperation between banks and enterprises in a mutually beneficial way. He also suggested the BRICS Interbank Cooperation Mechanism should become a bridge and platform for bank-enterprise cooperation, with the goal of mutual benefits and win-win results, and with a focus on development. It is expected to provide more and better financial services to enterprises and countries by using finance as a powerful lever and steadily enhancing the level and quality of cooperation.

Luciano Coutinho, President of Brazilian Development Bank, Dmitriev, Chairman of Russia's Vnesheconobank, Ranganathan, Chairman of Exim Bank of India, Moleketi, Chairman of the Development Bank of Southern Africa, Jiang Dingzhi, Vice Governor of Hainan Province, Ai Ping, Executive Director of the Research Center of Contemporary World, and delegates of the People's Bank of China, Petrobras, Sistema Corporation of Russia, India Essar Global Limited, Sinosteel Corporation, the Standard Bank of South Africa Investment Consulting Company gave speeches at the forum. Gao Jian, Vice President of CDB, presided over the forum.

It is learned that, on April 15, 2010, CDB, Russia's Vnesheconobank, Brazilian Development Bank and Exim Bank of India signed the Memorandum of BRIC Inter-Bank Cooperation Mechanism in the presence of the leaders of the four countries, indicating the founding of the BRICS Inter-Bank Cooperation Mechanism. BRICS Inter-bank Cooperation Mechanism provides diversified financial services for economic and technical cooperation as well as trade development of BRICS countries, and focuses on supporting the development of infrastructure, energy and high-tech industries of these countries.

[Source]£ºChina Development Bank
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