Sovereign funds managing USD 1 trillion are meeting in New Delhi for the iBRICS Summit on Sept 12-13. The focus is on cross-border investments, non-dollar settlements, and linking payment systems like India's UPI and Brazil's Pix.
Sovereign wealth funds, pension funds and family offices managing a combined USD 1 trillion are set to meet in New Delhi on September 12-13 for talks on cross-border investments, non-dollar settlements and payment systems among BRICS economies.
According to a press release issued by the Sovereign Wealth Fund Institute (SWFI), the inaugural iBRICS Summit, a separate sovereign investment event convened by the SWFI on the sidelines of the BRICS Leaders’ Summit, is expected to bring together over 500 institutional investors, finance ministers and business leaders.
Summit Agenda and Key Discussions
A closed-door roundtable involving around 250 participants will discuss non-dollar settlement corridors and capital deployment targets, while bilateral meetings will focus on potential projects in infrastructure, technology, critical minerals and energy transition.
The summit will also include the signing of a proposed “Sovereign Capital Compact” on September 12. The release, however, did not disclose the value of any investment commitments or identify specific projects expected to receive funding.
Lakshmi Narayanan, chairman of SWFI and lead co-chair of iBRICS, said, “With tariffs and sanctions stressing traditional corridors, funds and ministries need direct access to allocate capital differently.”
Focus on Payment System Interoperability
Discussions are also expected on linking national fast-payment systems such as India’s Unified Payments Interface (UPI) and Brazil’s Pix, along with interoperability between central bank digital currencies.
SWFI said the meeting is intended to connect institutional capital with infrastructure, energy and digital projects across BRICS member and partner countries.
India to Host BRICS Summit as 2026 Chair
As BRICS Chair 2026, India will be hosting the 18th BRICS Summit on September 12-13 at Bharat Mandapam in New Delhi.
The Summit will bring together leaders of BRICS Member and Partner Countries as well as Outreach Invitees.
India’s BRICS Chairship is guided by the theme: “Building for Resilience, Innovation, Cooperation and Sustainability”, reflecting the Prime Minister’s vision of a people-centric approach rooted in the spirit of "Humanity First", said the Ministry of External Affairs in a press release earlier.
(ANI)
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