Prime Mininster Narendra Modi visits Fortaleza in Brazil to attend the BRICS summit of emerging market economy nations

Modi in Brazil II

Prime Minister Narendra Modi with Brazilian President Dilma Rousseff during the signing ceremony of 6th BRICS summit in Ceara events centre, Fortaleza in Brazil.

Brazilian President Dilma Rousseff expressed that the $100-bn bank and the $100-bn currency reserve pool will help contain volatility faced by diverse economies triggered by US Fed tapering

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India to head BRICS bank

Prime Minister Narendra Modi with Chinese President Xi Jinping during the official photo of 6th BRICS Summit in Ceara events centre, Fortaleza in Brazil.

China, holder of world's largest forex reserves, will contribute $41 bn, bulk of the contingency currency pool; which China, if need arises, will be eligible to ask for half of its contribution

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Prime Minister Narendra Modi during the plenary session of 6th BRICS Summit in Ceara events centre, Fortaleza in Brazil.

India will preside over the bank's operations for first five years, followed by Brazil and then Russia

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Prime Minister Narendra Modi with Chinese President Xi Jinping during the official photo of 6th BRICS Summit in Ceara events centre, Fortaleza in Brazil.

Negotiations over headquarters and first presidency were reached at the eleventh hour due to differences between India and China

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Prime Minister Narendra Modi with Russian President Vladimir Putin, Brazilian President Dilma Rousseff, Chinese President Xi Jinping and South African President Jacob Zuma during the official photo of 6th BRICS summit in Ceara events centre, Fortaleza in Brazil.

BRICS nations also set up a $100 bn currency reserve pool to help countries forestall short-term liquidity pressures

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Prime Minister Narendra Modi with Russian President Vladimir Putin, Brazilian President Dilma Rousseff, Chinese President Xi Jinping and South African President Jacob Zuma during the official photo of 6th BRICS summit in Ceara events centre, Fortaleza in Brazil.

BRICS got together in 2009 to press for a bigger say in global financial order created by Western powers after World War II and centered on IMF and the World Bank

Picture by PTI