Five BRICS banks have agreed to work closer together by increasing further cooperation in the financial field.

The Brazilian Development Bank, Russia's Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa have signed an agreement to establish credit lines in national currencies. A memorandum of cooperation on credit ratings was also inked.

"These two cooperation agreements are important, and the cooperation agreement between local currencies and the establishment of credit lines are mainly to avoid some risks of currency exchange in developed countries, while strengthening cooperation between local currencies," says Chief Operation Director of China Development Bank Wang Gefan, who says the sharing of credit rating "aims to improve efficiency and better serve the real economy of member states."

There have been eight multilateral cooperation agreements signed over the past six years since the establishment of the five banks under the BRICS Bank Cooperation Mechanism. These agreements cover areas like credit lines in the national currencies, as well as financing in sustainable development and infrastructure.

So far, China Development Bank has committed to loans worth over 130 billion US dollars towards supporting sustainable development, with 86.9 billion dollars of loans already granted.