BRICS group’s New Development Bank (NDB) and China’s Bank of Communications (BoCom) signed on Thursday a memorandum of understanding on strategic cooperation, NDB said in a statement.

The two banks agreed to establish a long-term, stable and mutually beneficial strategic partnership by joining their resources and expertise. The pact was inked by NDB President Kundapur Vaman Kamath and BoCom Сhairman Niu Ximing.

The NDB was set up by the BRICS club of emerging economies – Brazil, Russia, India, China and South Africa – in 2014 to mobilize resources for infrastructure and sustainable development projects. BoCom was established in 1908 and is one of China’s oldest banks. It is has a capital of over $1 trillion.