BRICS DEVELOPMENT BANKS SIGN A COOPERATION AGREEMENT FOR INNOVATION
Walter Stuber and Adriana Maria Gödel Stuber
Walter Stuber Consultoria Jurídica
São Paulo, Brazil
On July 15, 2014, during the BRICS 6th Summit, held in the City of Fortaleza, State of
Ceará, Brazil, the Brazilian Development Bank (Banco Nacional de Desenvolvimento
Econômico e Social – BNDES) signed a Multilateral Cooperation Agreement on
Innovation (Cooperation Agreement) with its other counterparts of the BRICS
countries, namely the Bank for Development and Foreign Economic Affairs
(Vnesheconombank), of Russia, the Export-Import Bank of India, the China
Development Bank (CDB) and the Development Bank of Southern Africa (DBSA).
The Cooperation Agreement aims at providing support for projects and initiatives that
foster investments in technological innovation, with an emphasis on infrastructure and
sustainable energy, as well as innovation in processes and products throughout several
areas of industry, services and agribusiness. It also seeks to expand cooperation between
the development banks in the member countries, while increasing the trade of goods and
services, besides investments among Brazil, Russia, India, China and South Africa.
Innovation is a priority investment in all these emerging economies and the
development banks take on an important role in financing innovation projects, which,
due to their high-risk, encounter difficulties in accessing credit lines for investments,
especially in research and development.
Valid for five years, the Cooperation Agreement also includes initiatives such as
financing for innovation projects and emerging technologies; exchanges of experiences
and expertise in financing for innovation; and the possibility of co-financing for
technological development in areas of mutual interest. It also creates an across-theboard protocol that makes bilateral accords feasible between the institutions, leaving
conditions to be defined at a later date. All analyses will be carried out on a case-bycase basis in accordance with the policies and rules adopted by each institution.
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