(Yicai Global) Sept. 13 -- The New Development Bank, formerly known as the BRICS Development Bank, and Industrial and Commercial Bank of China Co. (ICBC) [SHA:601398] have entered into a strategic cooperation agreement. The banks will collaborate to offer high quality financial services to countries along the Belt and Road and emerging economies.

Under the deal, the pair will cooperate on payment settlement, project financing, bond underwriting, foreign exchange transactions, internet finance and information technology system operations, China Securities Journal reported today.

The New Development Bank is a Shanghai-headquartered international multilateral financial organization jointly established by Brazil, Russia, India, China and South Africa -- BRICS member countries, in July 2015. Its main purpose is to provide emerging economies and developing nations with infrastructure investment and financing services.

As the most globalized commercial bank in China, the ICBC currently has offices and branches in 44 countries and regions worldwide. It hosted a roundtable meeting of bankers during the Belt and Road Forum for International Cooperation to promote mutually beneficial collaboration between banks in different countries.