The BRICS Interbank Cooperation Mechanism (BICM) Annual Meeting and Financial Forum 2022 was held in Beijing on June 17th virtually. President of China Development Bank (CDB) Mr. Ouyang Weimin chaired the meeting and made a keynote speech titled Leveraging the Leading Role of Development Finance in Boosting BRICS Economic Recovery in the Post-Pandemic Era. Executives from the BICM members, including the Brazilian Development Bank, the State Development Corporation VEB.RF, the Export-Import Bank of India, and the Development Bank of Southern Africa, and the New Development Bank (NDB) attended and addressed the meeting.

Mr. Ouyang said, over the past 12 years since the inception of BICM, member banks have continuously increased consensus, expanded scopes, and innovated models for cooperation, making indispensable contribution to the trade and investment facilitation and sustainable development of BRICS countries. Facing the changes and the pandemic both unseen in a century, member banks, in the BRICS spirit of “mutual respect and understanding, equality, solidarity, openness, inclusiveness, and mutual benefit”, have strengthened dialogue and worked together to deepen the pragmatic financial cooperation, thus contributing to strong, green and sound economic development of BRICS countries in the post-pandemic era, and promoting comprehensive, close and pragmatic economic and trade cooperation between BRICS countries.

Mr. Ouyang put forward four suggestions for how member banks serve sustainable development in BRICS countries  through financial cooperation. Member banks need to take coordinated actions to provide effective financial support for BRICS pandemic response and economic recovery, act on the responsible financing principles and promote green development, enhance cooperation on digital economy to foster new highlights in BRICS economic cooperation, and improve cooperation mechanisms to deepen and expand BRICS financial cooperation.

Representatives from BICM member banks and the NDB delivered speeches and exchanged views. It was agreed that financial institutions should work in concert to materialize the agreement of the BRICS summit, help achieve SDGs and NDCs of the Paris Agreement, and contribute to the post-pandemic development of BRICS countries. At the meeting, BICM member banks and the NDB signed the MoU on General Cooperation and CDB released the BRICS Sustainable Development Research Report 2022: Focusing on Green and Digital Economy, Promoting Coordination and Innovation.

Established on April 15th, 2010, the BICM consists of major development finance institutions from China, Brazil, Russia, India and South Africa. Over the past 12 years, member banks have signed multilateral cooperation agreements in many areas, such as local currency credit, sustainable development and infrastructure finance, fintech, and responsible finance. These actions have been translated into a robust driving force for BRICS financial cooperation and trade and investment facilitation. As a member bank representing China, CDB has capitalized on the BICM to scale up financial cooperation. Over USD 100 billion, including RMB 44 billion, has been disbursed by CDB to projects in other BRICS countries, supporting such areas as infrastructure, SMEs and financial cooperation.

(Source: China Development Bank)