MUMBAI, 13 NOVEMBER, 2019 (GPN): The Managing Director of Exim Bank of India, Mr. David Rasquinha, signed a multilateral cooperation agreement, along with Head of Delegations from other member development banks of BRICS (Brazil, Russia, India, China, and South Africa) nations, expressing their intent to jointly mobilise private investment in infrastructure. The MOU was signed during the Annual Financial Forum, organised under the aegis of BRICS Interbank Cooperation Mechanism.

The MoU was an outcome of the discussions the member development banks have had during their annual meeting, with the objective of strengthening the cooperation under the BRICS Interbank Cooperation Mechanism. Under this umbrella agreement, the signatories have agreed to explore the possibilities of financing, co-financing or guaranteeing of private investment in the infrastructure sphere.

Under this arrangement, the development banks of BRICS nations have agreed to establish a Working Group which will undertake preliminary research to identify projects that are of common interest for mobilization of private investment. The Working Group will also explore the availability of financial solutions, regulatory and legal innovations, identification of suitable PPP models and bidding processes.

Exim Bank of India is the nominated member development bank under the BRICS Interbank Cooperation Mechanism. Other nominated member development banks from BRICS nations are: Banco Nacional de Desenvolvimento Economico e Social – BNDES, Brazil; State Development Corporation – VEB.RF, Russia; China Development Bank, and Development Bank of Southern Africa. ENDS