PM on way to Brazil to attend BRICS Summit

Prime Minister Narendra Modi arrived in Berlin on Sunday for an overnight stopover on his way to Brazil for a summit meeting of the BRICS nations that will address regional crises and security threats to restore a climate of peace while advancing global economic stability. In a departure statement in New Delhi before leaving for Berlin en route Fortaleza in Brazil for his first multi-lateral engagement with global leaders, Modi said that India looks forward to the BRICS initiative for setting up the New Development Bank and Contingent Reserve Arrangement. The BRICS Development Bank with a corpus of USD 100 million will fund projects in a number of countries and other developing countries. India along with China are in contention for establishing its headquarters either in New Delhi or in Shanghai.