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PM Modi signs three bilateral agreements with Brazils Rousseff at BRICS summit

Brasilia, July 17 (ANI): Indian Prime Minister Narendra Modi and Brazilian President Dilma Rousseff signed three bilateral agreements between the two nations in Brasilia city during the BRICS summit in Brazil. Rousseff, in a special gesture, received the Indian PM with full military honours at the Presidential Palace on the margins of the sixth BRICS (Brazil, Russia, India, China and South Africa) summit. During their meet, Modi congratulated Rousseff and people of Brazil for an outstanding hosting of the recently concluded FIFA World Cup. Jul 17, 2014
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BRICS Summit clears setting up of $100 billion New Development Bank with India's presidency first

Brazil, July 16 (ANI): Leaders of the five BRICS countries met for the first working session in Brazil in a major victory for India, sealed the agreement on the much anticipated 100 billion dollars BRICS Development Bank. The new development bank of the group of BRICS countries will be headquartered in Shanghai, China, with the presidency initially held by India. The deal was reached after intense last-minute negotiations to settle a dispute between India and China over the headquarters of the new bank, which will have initial capital of $100 billion to invest in infrastructure projects. Negotiations to create the bank dragged on for more than two years as Brazil and India fought China's attempts to get a bigger share in the lender than the others. The stark economic and political differences between the BRICS countries have made it difficult for the group to turn rhetoric to concrete action in coordinating policies. Jul 16, 2014
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