On June 14, the Innovation Center for the BRICS Partnership on New Industrial Revolution (BRICS Innovation Center) and the New Development Bank signed a memorandum of understanding (MoU) online. Officially established in July 2015, the New Development Bank is a multilateral bank jointly founded by the five BRICS nations. According to the MoU, the BRICS Innovation Center and the New Development Bank will focus on the infrastructure construction and sustainable development, trade, investment, and cultural and people-to-people exchange of BRICS nations as well as other emerging countries and developing countries, and put priority on the cooperation in next-generation information and communication technologies, artificial intelligence, the industrial Internet, green industries, energy-saving and environmental protection, biomedicine, energy & electronics, and other fields of the New Industrial Revolution.
