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PM Modi leaves for Brazil to attend BRICS Summit
Fp Archives •In a departure statement before leaving for Berlin en route Fortaleza in Brazil for his first multi-lateral engagement with global leaders, he also said that India looks forward to the BRICS initiative for setting up the New Development Bank and Contingent Reserve Arrangement.
New Development Bank, BRICS' answer to Western dominance, to be launched next week
Fp Archives •The BRICS will pool an initial $50 billion in the bank, with each country contributing an equal amount, and seek to gain international clout by offering developing nations alternative financing to the World Bank and International Monetary Fund, long dominated by the United States and Europe.
BRICS leaders to set new agenda or hit a wall?
Fp Staff •While the leaders of the five nations have not managed to forge a consensus on most matters in the past, they could agree to form a development bank for the five nations.