BRICS Bank, China Construction Bank sign Memorandum on Cooperation

Jun 08, 2016 12:00 AM

The BRICS New Development Bank (NDB) and China Construction Bank (CCB) signed on Wednesday a memorandum on strategic cooperation, the NDB said in a statement.

The agreement to strengthen bilateral business ties was signed by NDB President K.V. Kamath and CCB Chairman Wang Hongzhang.

The NDB has similar agreements with the Brazilian Development Bank (BNDES) and the Industrial Credit and Investment Corporation of India (ICICI), signed in July 2015 and in May 2016 respectively.

The NDB was established by BRICS member states, namely Brazil, Russia, India, China and South Africa, in July 2014, to finance infrastructure and sustainable development projects in BRICS and other developing countries.

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