The BRICS group of major emerging economies, Brazil, Russia, India, China and South Africa, is slated to hold its 15th summit in Johannesburg from August 22-24.
BRICS is an acronym for the combined economies of Brazil, Russia, India, China and South Africa. It is a geopolitical bloc whose member nations meet annually at formal summits for coordinating multilateral policies.
Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa, Chinese President Xi Jinping, Brazil's President Luiz Inacio Lula da Silva are the attendees at the summit.
Russian President Vladimir Putin will not attend in person due to an arrest warrant issued by the International Criminal Court for alleged war crimes in Ukraine, and will be participating in the summit virtually.
The event is expected to include discussions on how to strengthen political and economic power in the developing world, marking an important milestone in international diplomacy.
The panel will also explore strategies for boosting local currency fundraising and lending at the New Development Bank (NDB).
NDB is a multilateral development bank established by the BRICS states to support public or private projects of the member nations through loans, guarantees, equity participation and other financial instruments.
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