IBSA Summit 2015 will be held in India July 17, 2014 The 7th IBSA (India-Brazil-South Africa) Summit of 2015 will be hosted by India. The same was announced after a meeting between Prime Minister Narendra Modi and South African President Jacob Zuma in Brazil. The two leaders met on the sidelines of the meetings between the BRICS leadership and leaders from Latin American countries. Besides, New Delhi would also host the India Africa Forum to be held in December 2014. IBSA is a trilateral forum of India, Brazil and South Africa with the objective to promote, inter-alia, South-South cooperation and exchange. The platform came into being following a meeting of the foreign ministers of the three nations in Brasilia in 2003, through the adoption of the Brasilia Declaration. Prakash Kohli sworn in as Governor of Gujarat July 17, 2014 Former Rajya Sabha member and veteran leader of the Bharatiya Janata Party (BJP), Mr. Om Prakash Kohli was sworn in as Gujarat Governor. Mr. Kohli’s appointment follows the unceremonious exit of former Gujarat Governor Kamla Beniwal. Mr. Kohli was the president of the BJP’s Delhi unit. He served as a lecturer at the Delhi University-affiliated Hansraj College and Deshbandhu College. BRICS to establish $100 billion development bank and contingency reserve fund July 17, 2014 BRICS group of nations inked a pact to set up a new $100 billion development bank and emergency reserve fund. The agreement to create the bank was signed during the 6th BRICS Summit being held in Fortaleza, Brazil. BRICS group includes Brazil, Russia, India, China and South Africa. To begin with, the bank will start operating with $50 billion in initial capital with the five BRICS contributing $10 billion each. According to the pact, the capital of the bank will be divided equally among the five participating nations and the headquarters of the same will be in Shanghai, China. The chairmanship of the bank will be rotational and its first President will come from India for the first 6 years. The Bank will also have a regional office in Johannesburg, South Africa. The governing body of the bank will be formed by BRICS Finance ministers or central banks’ governors to manage the CRA. The BRICS CRA will not be open to outsiders. Initially, the bank will focus on infrastructure projects in the BRICS countries. Capital contribution from BRICS nations China: $41 billion Brazil, Russia and India: $18 billion each South Africa: $5 billion Future benefits of BRICS Development Bank: The creation of the $100 billion development bank will help the developing countries to: Effectively deal with short term liquidity pressures Encourage further BRICS cooperation Complement existing international arrangements Consolidate the global financial safety net Bashar al-Assad sworn-in as Syria President for third term July 17, 2014 After a being declared winner in the recently held and much criticized presidential polls, Bashar al-Assad has been sworn in for a third 7-year term as president of Syria. Mr Assad pledged to fight “terrorism” until security was reinstated to all over the country, but also vowed to offer “national reconciliation” to opponents. He has refused the demands of resignation since an uprising began in March 2011. The conflict that flared up after the authorities launched a brutal suppression on protests has left at least 170,000 people dead and displaced more than nine million others.
Posted on: Thu, 24 Jul 2014 05:17:13 +0000
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