New Delhi: Prime Minister Narendra Modi who is on his way to Brazil to attend the Brics summit meeting said on Sunday that he is looking forward to the “successful completion” of initiatives like New Development Bank also known as Brics Bank, that is aimed at funding infrastructure projects.

The PM hoped the Brics Bank and the CRA would help “support growth and stability in Brics nation” and also benefit other developing countries. The proposed bank is perceived as a counterfoil to the World Bank and the IMF.

Before the Brics nations agree on the nitty-gritty of this bank it has to decide where its headquarters will be located (Delhi is in the reckoning) and its presidency. Mr Modi, who is due to hold bilateral meetings with Brics leaders on the margins of the summit, including with Russian President Vladimir Putin and China’s Xi Jingping, as well as Brazilian President Dilma Rousseff, also took note of various issues the world is grappling with at present.

He noted that the summit is taking place at a time when there is “political turmoil, conflict and hum-anitarian crisis in several parts of the world, and persisting weakness and risks in the global economy.” Mr Modi observed that with many emerging economies having witnessed a slowdown, it had increased the challenge of pursuing inclusive and sustainable economic development.