The Chairman and Managing Director of Exim Bank of India, Mr. Yaduvendra Mathur, signed a multilateral financial cooperation agreement for financing innovation with the Chairmen/Presidents of other member- development banks of BRICS (Brazil, Russia, India, China and South Africa) nations in the presence of Heads of States/Governments of the BRICS countries on Tuesday, July 15, 2014, in Fortaleza, Brazil during the BRICS Summit 2014.
The agreement is aimed at setting broader agenda for cooperation in the innovation financing sector, including exchange of information. The agreement is expected to enhance cooperation among BRICS development banks and to significantly promote innovation investment amongst BRICS nations.
Mr. Mathur also addressed the Annual Meeting of the BRICS Financial Forum under the BRICS Interbank Cooperation Mechanism, organised by Brazilian Development Bank (BNDES) as part of official agenda of the BRICS Summit. In his address, Mr. Mathur stated that BRICS nations are growing innovation economies which is reflected in the statistical data associated with innovations in BRICS nations. Cumulatively, BRICS nations have spent USD 375 billion (in purchasing power parity terms) in 2013 which is 24 percent of global R&D spending, projected to increase to USD 407 billion. The success ratio of grant of patents received by BRICS nations is about one-third which also very high, Mr. Mathur said.
Exim Bank of India is the nominated member-development bank under the BRICS Interbank Cooperation Mechanism. Other nominated member development banks from BRICS nations are Banco Nacional de Desenvolvimento Economico e Social – BNDES, Brazil; State Corporation Bank for Development and Foreign Economic Affairs – Vnesheconombank, Russia; China Development Bank Corporation, and Development Bank of Southern Africa.
Photo shows (left to right): Mr. Luciano Coutinho, President of Brazil’d BNDES, Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank of India, Mr. Vladimir Dmitriev, Chairman of Russia’s Vnesheconombank, Mr. Hu Huaibang, Chairman of China Development Bank and Mr. Patrick Dlamini, CEO, Development Bank of Southern Africa signed the agreement in the presence of Heads of States of BRICS countries during the BRICS Summit 2014 in Fortaleza, Brazil on July 15, 2014.