Russian city Ufa to host BRICS Summit 2015

Russia has offered to host the BRICS Summit for year 2015 in the country’s city of Ufa after the grouping’s successful meeting in Brazil that witnessed a consensus being reached on setting up a development bank and a contingency reserve arrangement.

Ufa is the capital city of the Republic of Bashkortostan, Russia, and the industrial, economic, scientific and cultural centre of the republic.

The recently concluded 6th BRICS summit held in Fortaleza, Brazil was attended by Prime Minister Narendra Modi, Presidents Vladimir Putin of Russia, Xi Jinping of China, Jacob Zuma of South Africa and Dilma Rousseff of Brazil, as they discussed global economic, political and strategic issues.

The group decided to establish the New Development Bank with an initial authorized capital of $100 billion for which the initial subscribed capital will be equally shared by the founding members, a point India stressed upon to prevent domination by anyone of the members. It was also decided on establishing a contingency reserve arrangement with an initial size of $100 billion.

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