The Heads of State and government of the BRICS countries (Brazil, Russia, India, China, and South Africa) are in Fortaleza for the 6th BRICS Summit. The agenda for today (July 15) includes the official announcement of the BRICS' own development bank to fund infrastructure projects and initiatives in sustainable development.

Presidents Vladimir Putin of Russia, Xi Jinping of China, and Jacob Zuma of South Africa, and the Prime Minister of India, Narenda Modi, are attending alongside President Dilma Rousseff.

The bank will be established with a start-up capital of $50 billion, consisting of $10 billion of paid-in capital and $40 billion of guarantees paid on demand, pending parliament approval by all five countries. The member countries will also decide on the bank board and location today. The shortlist includes Shanghai (China), Johannesburg (South Africa), Moscow (Russia) and New Delhi (India). Brazil was the only member to step aside. A reserve fund should also be set up with an initial $100 billion to see the bloc countries through difficulties with their balance of payments.

The summit picks up Wednesday (16) in Brasília with a meeting of representatives of the member countries with presidents of South America.