BRICS Presidents Begin Crucial Summit in Brazil

The presidents of the country members of BRICS (Brazil, Russia, India, China and South Africa) began its Sixth Summit, to design new financial structures: a Development Bank and a Reserve Fund.

Shortly before beginning the meeting, Head of State Dilma Rousseff welcomed to the Event Center in Ceara her colleagues Xi Jinping (China), Vladimir Putin (Russia), Jacob Zuma (South Africa), and India’s Prime Minister Narendra Modi.

During this first day, leaders of this group will assess behind close doors the prospects for the economic development of their countries, exchange criteria about the financial market behaviour, and determine the last steps for the creation of the financial entity and the Reserve Fund.

Rousseff stated that participants will give the go ahead to institutions that will benefit the development of emerging nations, because the bank will contribute with the necessary resources to invest in infrastructure projects.

The Brazilian president pointed that the Contingency Reserve Arrangement, also denominated Reserve Fund, will have $100 million USD, and will ensure confronting as consequences of a rise in market volatility.

After the conclusion of debates and the signing of documents, BRICS leaders will go to Brasilia, the federal capital of Brazil, to attend tomorrow a meeting with the statesmen of the nation members of the Union of South American Nations (UNASUR), to seek approach and expand ties.