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Cabinet approves MoU between Exim Bank on General Cooperation with NDB

Cabinet approves MoU between Exim Bank on General Cooperation with NDB

13 Oct 2016, 06:49 pm
New Delhi, Oct 13 (IBNS): The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday, gave its approval for signing of a Memorandum of Understanding (MoU) on General Cooperation with the New Development Bank (NDB) through the BRICS Interbank Cooperation Mechanism by the Government at the level of Secretary, Department of Economic Affairs/ Export Import Bank of India.

The proposal will enhance trade and economic relations among the BRICS countries.

There is no financial implication involved with signing of the MoU.

The MoU is a non-binding umbrella agreement aimed at establishing a cooperation framework in accordance with the national laws and regulations, besides skills transfer and knowledge sharing amongst the signatories.

Establishment of the NDB, a release said, reflects the close relations among the BRICS countries and provides a powerful instrument for increasing their economic cooperation and help India play an enhanced international role.

Five banks from the BRIC nations had established the BRICS Interbank Co-operation Mechanism to enhance trade and economic relations amongst the BRIC countries, and enterprises.

Image: BRICS Twitter

Cabinet approves MoU between Exim Bank on General Cooperation with NDB

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