OREANDA-NEWS. October 17, 2016. During the BRICS Summit in Goa, India, BRICS Interbank Cooperation Mechanism (ICM) member banks held an annual meeting.

The heads of the banks discussed the basic mechanisms for making settlements and providing funding for projects in currencies of the BRICS countries, prospects of placement on the Russian stock market of ICM member banks' bonds denominated in Russian rubles and foreign currencies, including currencies of the BRICS countries and reviewed the results of operation of the New Development Bank.

In his speech Vnesheconombank's Chairman Sergey Gorkov pointed out: “The ICM partner banks have created the basis for successful collaboration in a wide range of fields, including agreements for development of financial cooperation. It is time that we move to the next level of cooperation and fill the framework with relevant projects and meaning.” Today Vnesheconombank has been implementing together with the BRICS financial partners over 10 projects on a bilateral basis. It should be noted that the China Development Bank (CDB) is Vnesheconombank's main partner.

Sergey Gorkov also participated in other events during the second day of the Summit. He attended the meeting of heads of development institutions and the New Development Bank and delivered a speech during the Financial Forum.

The BRICS Interbank Cooperation Mechanism was formed as a result of signing of a Memorandum on Cooperation by BRICS nations’ development and export support institutions in 2010. In 2011, Development Bank of Southern Africa (DBSA) joined the Mechanism. The Memorandum is mainly designed to promote all-round, long-term, interbank cooperation between partners in order to enhance trade and economic relations between BRICS member nations as well as provide support for socially valuable and regional projects. The BRICS bank partners include the Brazilian Development Bank (BNDES), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the China Development Bank (CDB), the Export-Import Bank of India (Eximbank of India), the Development Bank of Southern Africa (DBSA).