The first meeting of Development Ba

The first meeting of Development Banks was hosted by Brazil in April 2010. An MoU laying the foundation of BRICS Inter-Bank Cooperation Mechanism was signed at the Meeting. Following up on the MoU, BRICS Development Banks signed a “Framework Agreement on Financial Cooperation within the BRICS Inter-Bank Cooperation Mechanism” at the Sanya Summit. Under the aforementioned Framework Agreement, two agreements were signed by the Development Banks from BRICS during the fourth BRICS Summit- “Master Agreement on Extending Credit Facility in Local Currencies” and “BRICS Multilateral Letter of Credit Confirmation Facility Agreement. The agreement was signed by EXIM Bank from India.