Aug 22, 2018

In addition to the Brazilian bank, Vnesheconombank (Russia), the Export-Import Bank of India, the China Development Bank and DBSA (South Africa) signed the document

The initiative expands BNDES’s cooperation with development banks in the use of the blockchain technology to enhance transparency in the funded projects

The Brazilian Development Bank (BNDES) signed a memorandum of understanding (MoU) with development banks of the BRICS countries (Brazil, Russia, India, China and South Africa). The goal is to promote digital applications with the use of the Distributed Ledger (DLT) and Blockchain technologies. 

In addition to the Brazilian Development Bank, the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), of Russia; the Export-Import Bank of India (Exim Bank), the China Development Bank (CDB) and the Development Bank of Southern Africa Limited (DBSA) signed the agreement.

With a five-year term, the agreement was signed during the 10th BRICS Summit, in Johannesburg, South Africa, between the 25th and 26th of last month. It foresees the exploitation of opportunities in the application of the Distributed Ledger (DLT) and Blockchain technologies, in the financing of infrastructure and other sectors of mutual interest, enabling the institutions to enhance their transparency, accountability and the traceability of their resources. BNDES was represented, at the occasion, by the head of its Fundraising Department, Leonardo Botelho.

History – The memorandum expands BNDES’s cooperation with development banks in the use of the blockchain technology to enhance transparency and efficiency in the funded projects. In February, BNDES started a partnership with the German Development Bank (KfW) for greater control of the life cycle of the Amazon Fund’s financial operations, through the application with blockchain technology TruBudget.