DHAKA: India prime minister Narendra Modi headed to Brazil on Sunday for a meeting of the Brics group of emerging powers, hoping to seal the long-discussed deal to open a new development bank.

Modi will be the guest of Brazilian president Dilma Rousseff who also hosts the leaders of Russia, China and South Africa on Tuesday before a meeting with South American leaders the next day in Brasilia.

The countries are looking to set up a development bank to finance infrastructure projects as well as a reserve fund to fend off currency and balance of payments crises.

The bank and the reserve are being seen as a counterweight to Western-dominated financial organisations like the Washington-based World Bank and International Monetary Fund, reports The Straits Times.

BDST: 1304 HRS, JUL 13, 2014