https://en.sputniknews.africa/20241024/russian-development-company-signs-agreements-on-local-currencies-use-with-china--south-africa-1068854301.html
Russian Development Company Signs Agreements on Local Currencies Use With China & South Africa
Russian Development Company Signs Agreements on Local Currencies Use With China & South Africa
Sputnik Africa
VEB.RF is focused on the exchange of experience between banks, members of the BRICS interbank cooperation mechanism and areas of mixed finance organizations... 24.10.2024, Sputnik Africa
2024-10-24T14:28+0200
2024-10-24T14:28+0200
2024-10-24T18:57+0200
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VEB.RF, a Russian state development corporation providing financing for socio-economic projects, signed agreements with partners from China and South Africa on credit lines in national currencies, the corporation's chairman, Igor Shuvalov, reported at the BRICS Summit's expanded meeting of heads of delegations on Wednesday.The head of the state corporation also emphasized that VEB.RF, together with the Ministry of Economic Development of Russia, plans to develop cooperation on tools for assessing the quality of life and the effectiveness of projects, including in the field of public-private partnership (PPP) at the level of the BRICS countries.Sustainable development issues, including climate change adaptation projects, are important points that unite the BRICS countries, the chairman added. Shuvalov stressed that BRICS countries have significant potential to implement climate change projects and jointly achieve carbon neutrality.
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Russian Development Company Signs Agreements on Local Currencies Use With China & South Africa
14:28 24.10.2024 (Updated: 18:57 24.10.2024) Alla Shukanova
Writer / Editor
VEB.RF is focused on the exchange of experience between banks, members of the BRICS interbank cooperation mechanism and areas of mixed finance organizations, the chairman noted.
VEB.RF, a Russian state development corporation providing financing for socio-economic projects, signed agreements with partners from China and South Africa on credit lines in national currencies, the corporation's chairman, Igor Shuvalov, reported at the
BRICS Summit's expanded meeting of heads of delegations on Wednesday.
"We are ready to work on further deepening both multilateral and bilateral relations with partners and financial institutions. Our partners and we have agreed on an updated framework agreement on cooperation, and together with China and South Africa we have signed agreements on credit lines in local currencies. We expect Brazil and India to join this document," Shuvalov said.
The head of the state corporation also emphasized that VEB.RF, together with the Ministry of Economic Development of Russia, plans to develop cooperation on tools for assessing the quality of life and the effectiveness of projects, including in the field of public-private partnership (PPP) at the level of the BRICS countries.
"The development of PPP mechanisms is a traditional mandate of development banks in the world. In the format of our association, we could think not only about exchanging best practices but also about expanding the practice of implementing PPP projects with the participation of companies from friendly countries and with the participation of development banks from member countries. This work could also be done under the leadership of the New Development Bank," he concluded.
Sustainable development issues, including
climate change adaptation projects, are important points that unite the BRICS countries, the chairman added.
Shuvalov stressed that BRICS countries have significant potential to implement climate change projects and jointly achieve carbon neutrality.
