The 2020 Annual Meeting of the BRICS Bank Cooperation Mechanism and the BRICS Financial Forum was recently held via video conference. The Export–Import Bank of Russia serves as the rotating chair of the BRICS Bank Cooperation Mechanism this year and hosted the annual meeting. Participating institutions—including all member banks and the invited New Development Bank (NDB) of the BRICS countries—exchanged views on key topics such as jointly responding to challenges posed by the COVID-19 pandemic, supporting economic recovery across BRICS nations, advocating responsible financing principles, and advancing the development and cooperation of green financing systems in BRICS countries. All participants unanimously agreed that member banks should work together to mitigate the impact of the pandemic and contribute to high-quality economic recovery in BRICS countries. During the meeting, the five member banks jointly signed the Memorandum of Understanding on Responsible Financing Principles for BRICS Development Finance Institutions.
It is reported that on April 15, 2010, the China Development Bank, the Brazilian Development Bank, the Export–Import Bank of Russia, and the Export–Import Bank of India jointly signed a memorandum of cooperation in Brasília, formally establishing the BRICS Bank Cooperation Mechanism. On April 13, 2011, the Development Bank of Southern Africa (DBSA) of South Africa joined the mechanism. The BRICS Bank Cooperation Mechanism holds its annual meeting and the BRICS Financial Forum each year. Over the past decade, member banks have signed numerous multilateral cooperation agreements covering areas including local-currency credit lines, letter-of-credit confirmation services, financial technology, sustainable development, and infrastructure financing—significantly enhancing financial cooperation among BRICS countries and facilitating trade, investment, and economic integration.
Last updated: 2026-03-08