Brazil: One day after the FIFA world cup has ended, it was another big ocassion for Brazil to host the BRICS summit. It is the first major foreign tour for Indian Prime Minister Narendra Modi where he joined the leaders from the five member nations. It was concluded that all members will have equal shareholding in the proposed $50 bn BRICS Development Bank and the presidency will to go to India first of all.
BRICS Development Bank's headquarters will be located in Shanghai, China. Being one of the strongest member of BRICS, the first rotational presidency of the bank will go to India.
Russian President Vladimir Putin, Chinese President Xi Jinping,South African Jacob Zuma and Brazil's Dilma Rousseff were grouping with Indian Prime Minister Narendra Modi at sixth summit at this seaside Brazilian city, Fortaleza.
As per the sources, each country would have a shareholding of $10 billion as India insisted to an equal shareholding so that no one country dominates as in the World Bank.
BRICS Development Bank's headquarters will be located in Shanghai, China. Being one of the strongest member of BRICS, the first rotational presidency of the bank will go to India.
Russian President Vladimir Putin, Chinese President Xi Jinping,South African Jacob Zuma and Brazil's Dilma Rousseff were grouping with Indian Prime Minister Narendra Modi at sixth summit at this seaside Brazilian city, Fortaleza.
As per the sources, each country would have a shareholding of $10 billion as India insisted to an equal shareholding so that no one country dominates as in the World Bank.
