BRICS bank is on the top of his agenda as PM Modi leaves for Brazil and is hoping to seal the long-discussed deal to open a new development bank of BRICS.
Earlier Russian Finance Minister Anton Siluanov said the short-list of cities for the bank's headquarters included Shanghai and New Delhi.
The agreement on founding the New Development Bank of BRICS and on creation of an exchange reserves’ pool will be signed at the next BRICS summit to take place in Brazil’s Fortaleza July 15-16.
The authorized stock of the bank amounts to $100 billion, the dedicated capital — $50 billion, the paid-in capital — $10 billion (paid upon request — $40 billion). The paid-in capital will be formed within 7 years.
The distribution among the member-states will be as follows: China - $41 billion, Brazil, India and Russia — $18 billion each, South Africa — $5 billion. The national banks of the BRICS states will be keeping their resources designated as stakes in the pool within their gold and forex reserves.
Indian PM Modi will hold bilateral meetings with Presidents Vladimir Putin of Russia, Xi Jinping of China, Dilma Rousseff of Brazil and Jacob Zuma of South Africa on the sidelines of the summit. He will also meet the heads of governments of 11 South American countries including Argentina, Bolivia and Venezuela who have been invited by President Rousseff to Brazil. Modi is accompanied by Minister of State for Commerce and Industry Nirmala Sitharaman, National Security Advisor Ajit Doval and Foreign Secretary Sujatha Singh.
Earlier Russian Finance Minister Anton Siluanov said the short-list of cities for the bank's headquarters included Shanghai and New Delhi.
Delhi: PM Narendra Modi boards Air India flight to leave for BRICS Summit pic.twitter.com/QSuhYcMyGX
— ANI (@ANI_news) July 13, 2014
The agreement on founding the New Development Bank of BRICS and on creation of an exchange reserves’ pool will be signed at the next BRICS summit to take place in Brazil’s Fortaleza July 15-16.
The authorized stock of the bank amounts to $100 billion, the dedicated capital — $50 billion, the paid-in capital — $10 billion (paid upon request — $40 billion). The paid-in capital will be formed within 7 years.
The distribution among the member-states will be as follows: China - $41 billion, Brazil, India and Russia — $18 billion each, South Africa — $5 billion. The national banks of the BRICS states will be keeping their resources designated as stakes in the pool within their gold and forex reserves.
BRICS Development Bank good for developing countries: Indian businessman http://t.co/bhvbKFWUO7 pic.twitter.com/gIDnWUJHsd
— China Xinhua News (@XHNews) July 13, 2014
Indian PM Modi will hold bilateral meetings with Presidents Vladimir Putin of Russia, Xi Jinping of China, Dilma Rousseff of Brazil and Jacob Zuma of South Africa on the sidelines of the summit. He will also meet the heads of governments of 11 South American countries including Argentina, Bolivia and Venezuela who have been invited by President Rousseff to Brazil. Modi is accompanied by Minister of State for Commerce and Industry Nirmala Sitharaman, National Security Advisor Ajit Doval and Foreign Secretary Sujatha Singh.
This will have a great impact and prove to be very beneficial for India- MA Naqvi on PM attending BRICS Summit pic.twitter.com/RYlwFd96vn
— ANI (@ANI_news) July 13, 2014
