Arun Jaitley will also be participating in the functions on the sidelines of the BRICS Summit at Ufa which is being attended by Prime Minister Narendra Modi.
Finance Minister Arun Jaitley will leave on a four-day visit to Russia on Tuesday evening to participate in the inaugural meeting of the BRICS-backed New Development Bank.
During the visit, Jaitley will also be participating in the functions on the sidelines of the BRICS Summit at Ufa which is being attended by Prime Minister Narendra Modi.
“In the first leg of his official visit, the Finance Minister will reach Moscow, where he will participate in the inaugural meeting of the Board of Governors of the BRICS New Development Bank on July 7,” a Finance Ministry statement said.
According to sources, Jaitley would also attend the meeting of the Finance Ministers of the BRICS nations – Brazil, Russia, India, China and South Africa.
On Wednesday, he will fly to Ufa, which is hosting the two-day (July 8-9) BRICS Summit.
On July 10, he will return to Moscow and same day in the evening, he will leave for India. He will reach Delhi on July 11.
The BRICS Summit could look at the possibility of starting credit facility in local currency by the BRICS Bank.
The first head of the Bank is noted Indian banker K V Kamath.
The Summit of the key emerging economies in the world, will focus discussions on enhancing cooperation in economic area, including the possibility of trade in local currency.
India is hoping to get more funds for infrastructure development from BRICS bank, which will start with an initial paid-up capital of USD 50 billion with each BRICS country contributing USD 10 billion. Its authorised capital is USD 100 billion.
The BRICS nations account for nearly USD 16 trillion in GDP and 40 per cent of the world’s population.