brics summit 2014: Sixth BRICS Summit starting today in Brazil to announce BRICS Development Bank
Brasilia, Brazil: The Sixth BRICS Summit is starting today in Brazil and world top leaders including Vladimir Putin, President Russia, Narendra Modi, Prime Minister India, Xi Jinping, President China and Jacob Zuma, President South Africa have already reached Brasilia and their host the President Brazil Dilma Rousseff is excited as her country hosted FIFA World Cup that concluded last night and today she is hosting the historic session of BRICS Summit that is scheduled to announce setting up BRICS Development Bank— a parallel financial body to World Bank.
Western media has already started negative reporting about BRICS Development Bank stating that it will not help emerging economies and also stating that BRICS Summit is a failure.
The Summit will be held in Fortaleza and Brasilia on 14- 15-16 July. Guests will arrive on July 14 to attend Meeting of the BRICS Business Forum and Business Council. This BRICS summit will be the sixth annual diplomatic meeting of the BRICS, a grouping of major emerging economies that includes Brazil, Russia, India, China and South Africa. Every alphabet of group title “BRICS” represents the first alphabet of the name of member countries.
The top agenda of the summit is the inauguration of the BRICS Development Bank—a proposed multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as a possible alternative to the existing World Bank and International Monetary Fund.
The establishment of the bank was agreed to by BRICS leaders at the 5th BRICS summit held in Durban, South Africa on 27 March 2013. Among its goals is to provide funding for infrastructure projects and create a “Contingent Reserve Arrangement” worth US$100 billion which will help member countries counteract future financial shocks. This fund will consist of $10 billion of “paid-in capital” ($2 billion from each member to be provided over seven years) and an additional $40 billion to be “paid upon request”.
The official statement of Summit says:
“Among other topics, the Leaders will discuss the Contingent Reserve Arrangement (CRA) and the New Development Bank (NBD). The CRA is an additional line of defense available to the BRICS countries in scenarios of Balance of Payments’ difficulties. The NBD will finance infrastructure and sustainable development projects”.
Programme
14 July (Monday)
Venue: Centro de Eventos do Ceará
Meeting of the BRICS Business Forum and Business Council
Meeting of the BRICS Ministers Responsible for Trade
Meeting of Finance Ministers and Presidents of Central Banks of the BRICS
15 July (Tuesday)
Venue: Centro de Eventos do Ceará
First working session of the VI BRICS Summit: private and plenary sessions of the Leaders’ meeting
Signing ceremony
16 July (Wednesday)
Venue: Palácio do Itamaraty, Brasília
Second working session of the VI BRICS Summit: meeting with South American Heads of Government and/or State.
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