Five banks of the BRICS Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings. <br/><br/>The agreement to this effect was signed yesterday ahead of the BRICS Summit in China's Xiamen city.<br/><br/>Brazilian Development Bank, Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa signed the agreement in Beijing yesterday. <br/><br/>The Chinese official said the decision was taken in order to strengthen further cooperation. <br/><br/>The agreement on credit ratings enables them to share information about internal credit ratings and rating assessment.<br/><br/>Ahead of the BRICS summit, the New Development Bank (NDB) of the BRICS countries has approved 1.4 billion US dollar loans for sustainable development projects in India, Russia and China. <br/><br/>For India, the Bank has approved 470 million US dollars loan for Madhya Pradesh's Multi-Village Rural Drinking Water Supply Scheme Project.