The 2023 Annual Meeting of BRICS Banking Cooperative Mechanism and Financial Forum of BRICS Nations, hosted by the Development Bank of Southern Africa, was held in Cape Town on the 22nd of local time, the reporter has learned from the China Development Bank (CDB) on the 23rd. During the meeting, the CDB signed a credit agreement of USD500 million and USD200 million respectively with the Brazilian Development Bank and Standard Bank of South Africa.

　　Tan Jiong, President of China Development Bank, attended the meeting and made a speech with the heads of member banks of the Banking Cooperation Mechanism such as the Brazilian Development Bank, Vneshtorgbank of Russia, the Export-Import Bank of India and the New Development Bank of BRICS. CDB said that the BRICS banking cooperation mechanism actively promotes financial cooperation among countries, which plays an important role in promoting economic development and economic and trade cooperation among BRICS countries. CDB, as one of the initiating banks of this mechanism, together with member banks, promotes multi-dimensional and wide-ranging cooperation among countries in the fields like local currency credit, trade and investment facilitation, green finance and innovative development. And it also carries out practical cooperation in bond and co-financing with multilateral development financial institutions, such as the New Development Bank and the Asian Infrastructure Investment Bank.

　　CDB proposes to further deepen financial cooperation among member banks and serve the sustainable economic and social development of the BRICS countries. Firstly, it should fulfil its responsibility to deepen the concept of sustainable development; Secondly, it should strengthen exchanges to build a more open and inclusive cooperation platform; And thirdly, it should focus on further promoting local currency practical cooperation of the BRICS countries.

　　In the "Just Transition" session of the Financial Forum, representatives of member banks and the BRICS New Development Bank, who were invited to the meeting, made speeches and discussions. CDB expressed its willingness to work with all parties to take pioneering advantages of development finance, strengthen exchanges and cooperation in the areas of supporting the practice of just transition and constructing financial standards for the transition in BRICS countries, enriching and innovating products of transition finance to make due contribution of the development finance to help BRICS countries carry out green and low-carbon transition.

　　According to reports, the BRICS banking cooperation mechanism was established on April 15, 2010 whose members are the major development related financial institutions of China, Brazil, Russia, India and South Africa. Over the past 13 years, the member banks have signed multiple multilateral co-operation agreements covering a wide range of areas such as local currency credit, sustainable development, infrastructure financing, financial technology, responsible financing, etc., which have strongly facilitated financial co-operation and the facilitation of economic and trade investment in the BRICS countries.

　　(Source: China News Service)