PM Narendra Modi leaves for BRICS summit in Brazil Sunday

Signing of agreements to create BRICS Development Bank and Contingent Reserve Arrangement are being considered central to the agenda of the BRICS summit.

The BRICS Development Bank, which would mirror the World Bank, will have authorised capital to be used for infrastructure financing and sustainable development projects in member countries.

The Contingent Reserve Arrangement will function as an additional buffer for BRICS countries facing difficulties with their balance of payments.

Issues relating to climate change and export credit guarantees are also expected to come up for discussion.

The summit will also come out with a declaration.

Modi will have a bilateral meeting with Rousseff during which issues related to trade, investment, health, environment, science and technology will be discussed.

He is also expected to meet Chinese President Xi Jinping, Russian President Vladimir Putin and South African President Jacob Zuma.

The summit will inaugurate the second cycle of BRICS as each member country has hosted one summit meeting so far.

While the meeting at Fortaleza will have discussions between leaders about the potential of BRICS, the working session between leaders of BRICS and the heads of government of south America will be held at Brasilia July 16.

As part of the BRICS summit, meetings of business forums, trade ministers and business council would be held July 14.

The first summit meeting of the BRICS was held 2009. The countries together account for more than 40 percent of the world's population.