8th BRICS Summit to be held in Goa

On 22 March 2016 External Affairs Minister Sushma Swaraj announced that India will host 8th BRICS (Brazil, Russia, India, China & South Africa) Summit from 15th October to 16th October 2016 in Goa. India will host the summit in its capacity as chair of the influential block comprising 5 countries with 42 percent of the world population & combined GDP of over 16 trillion US dollars.

India assumed chairmanship of BRICS from Russia on 15th February 2016 and it will last till 31st December 2016.

The minister also unveiled a logo and website of the Summit in New Delhi. The logo for the Summit is a lotus having colours from all the 5 member countries and a traditional Namaste in the centre.

During India’s BRICS Chairmanship, 5 pronged approach will be adopted.
They are:

• Institution building to further deepen, sustain & institutionalise BRICS co-operation

• Implementation of the decisions from previous Summits

• Integrating the existing co-operation mechanisms
• Innovation:

New co-operation mechanisms on government to government, Track-2, business to business and people to people to tap the full potential of BRICS co-operation

• Continuity: Continuation of mutually agreed existing BRICS co-operation mechanisms.

In 2015, the 7th BRICS summit was held from 8 to 9 July in the Russian city of Ufa in Bashkortostan.

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8th BRICS Summit to be held in Goa

BRICS bank starts its operations from Shanghai

The New Development Bank (NDB) created by the Brazil, Russia, India, China & South Africa (BRICS) nations formally started its operations from its main headquarters in Shanghai(China). Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and the bank’s 1st President K V Kamath from India attended the opening ceremony.
About the NDB:

Agreement for establishing NDB was signed during the sixth BRICS Summit being held in Fortaleza, Brazil in April, 2014.It was formally launched at the 7th BRICS summit held in Ufa, Russia in July 2015.
Purpose:

To fund infrastructure projects in the emerging economies. It is seen as an alternative institute to west dominated World Bank and the International Monetary Fund (IMF).
Capital:

It will have initial capital of US 50 billion dollars and will be raised to US 100 billion dollars within the next couple of years.

Each members role:

They will have an equal say in the bank’s management, regardless of GDP size and contribute an equal share in establishing a startup capital.
President:

Eminent banker Kundapur Vaman Kamath from India is President of Bank for the first 5 years i.e. till 2020.

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BRICS bank starts its operations from Shanghai