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Five banks of BRICS nations sign pact for credit lines
September 5 , 2017
2670 days
1416
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- Five banks of the BRICS Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings.
- The agreement was signed as a part of the 2017 BRICS (Brazil, Russia, India, China and South Africa) summit in China's Xiamen city in which leaders of the five countries participated.
- "Brazilian Development Bank (BNDES), Vnesheconom bank of Russia, Export-Import Bank of India, China Development Bank and Development Bank of South Africa (DBSA) are those five banks made this agreement.
- A Credit Line is an arrangement between a financial institution, usually a bank, and a customer that establishes a maximum loan balance that the lender permits the borrower to access or maintain.
- The borrower can access funds from the credit line at any time, as long as he does not exceed the maximum amount set in the agreement and as long as he meets any other requirements set by the financial institution, such as making timely minimum payments.
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