Finance Minister Arun Jaitley is leaving for Russia on Monday evening to participate in the inaugural meeting of the BRICS-backed New Development Bank.
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During the four-day visit, he will also be participating at the functions on the sidelines of the BRICS Summit at Ufa which is being attended by Prime Minister Narendra Modi.
The minister, sources said, will attend the inaugural meeting of the Board of Governors of the New Development Bank at Moscow.
Thereafter, Jaitley would 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.
The 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 $50 billion with each BRICS country contributing $10 billion. Its authorised capital is $100 billion.
The BRICS nations account for nearly $16 trillion in GDP and 40 per cent of the world’s population.