Five development banks have signed a memorandum of understanding (MOU) to facilitate and support cross-border transactions between the BRIC countries and its enterprises.

The MOU was signed in Russia with China Development Bank, the Development Bank of Southern Africa, the Export-Import Bank of India and Russia’s Vnesheconombank.

The agreement is part of a MOU sequence signed in April 2010, where the group had not yet included South Africa, which joined in December last year.

The new MOU paves the way for the banks to foster cooperation in terms of qualifying human resources and improving professional capacity, in addition to encouraging multilateral dialogue among their specialists.

The countries’ goal is to increasingly strengthen the relations among their official credit institutions in the developing countries, while working towards economic development of the BRIC countries.