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(BRICS Post) The Sixth BRICS (Brazil, Russia, India, China and South Africa) summit, where the five countries will sign off on a rival to the World Bank, officially starts on Monday in Fortaleza,
Leaders of the five BRICS nations fueling global economic growth will discuss strengthening ties within the bloc and rallying emerging economies to play a greater role in world affairs, economic and political.
BRICS will get a new $100 billion development bank and a $100 billion Contingency Reserve Arrangement at the Summit.
Narendra Modi, Xi Jinping pledge to resolve India-China border dispute
Modi urged more Chinese investment in infrastructure and called to rectify a trade imbalance with its second-biggest commercial partner. India’s $34 billion trade deficit with China is its largest with any country, according to data compiled by Bloomberg.
China Offers to Invest $300bn in India's Infrastructure Projects
As per the plan, the world's second largest economy will offer about $300bn (£180bn, €218bn) to India for its $1tn investment in infrastructure projects, which are planned over a five year period ending in 2017.
Nations harassed by US for foreign policy decisions need help: Putin
I believe it is time to raise the BRICS' role to a new level and to make our association an unalienable part of the global management system for sustainable development.
In the economic sphere, we are going to discuss IMF reform. The BRICS countries are concerned about the unreasonable delay in holding a debate of this subject. This jeopardises all the efforts of G20 in this direction. It is the case of fulfilling the rightful demands of "new economies" to balance the IMF according to the 21st century reality.
Another important initiative that is underway is creating a BRICS pool of foreign currency reserves. It will become a safety net to help us form a joint response to economic challenges.