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(From left to right) Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, Chinese President Xi Jinping and South African President Jacob Zuma join their hands during the official photograph of the

6th BRICS summit

in Fortaleza. (AFP photo)

Leaders representing Brazil, Russia, India, China and South Africa attend the 6th BRICS Summit in Fortaleza. (Reuters photo)

Prime Minister Narendra Modi at 6th BRICS Summit in Fortaleza on July 15, 2014. (PTI photo)

Prime Minister Narendra Modi (right) being received by Brazilian President Dilma Rousseff on his arrival at the Ceara Events Centre for the 6th BRICS Summit in Fortaleza on July 15, 2014. (PTI photo)

FORTALEZA (Brazil): The BRICS summit, Prime Minister Narendra Modi's first multilateral engagement, commenced here on Tuesday amid an understanding that the five member nations will have equal shareholding in the proposed $50 billion BRICS Development Bank presidency of which is likely to go to India first.The bank's headquarters is likely to be located in Shanghai, China's financial hub, although India was pressing for New Delhi. However, the first rotational presidency of the bank is likely to go to India.The new Indian leader joined Presidents Vladimir Putin of Russia, Xi Jinping of China, Jacob Zuma of South Africa and Dilma Rousseff of Brazil at the grouping's sixth summit at this seaside Brazilian city to deliberate on global economic, political and strategic issues.Modi, wearing a light maroon bandh gala suit, was received at the convention centre by Rousseff with a warm handshake. The two chatted briefly before posing for photos.The day-long summit began with a private working session which will be followed by a working lunch and a preliminary session. A Fortaleza Declaration containing the outcome of the meeting is expected to be issued at the end of it.Working behind the scenes, senior officials from member countries had prepared the ground for their leaders to agree on details of the bank which will finance infrastructure and development projects in BRICS nations.Indian sources said that there was an understanding that each country would have a shareholding of $10 billion. India had been insisting that the shareholding should be equal so that no one country dominates as was the case of institutions like the World Bank and the IMF where the US and Japan enjoy considerable clout.