▁– ▁In ▁July ▁ 2 0 1 4 , ▁he ▁visited ▁Brazil ▁for ▁his ▁first ▁mult il ater al ▁visit , ▁the ▁ 6 th ▁BR IC S ▁sum mit ▁was ▁held ▁at ▁the ▁north - e astern ▁beach ▁city ▁of ▁Fort ale za . ▁In ▁the ▁Fort ale za ▁sum mit ▁the ▁group ▁have ▁agreed ▁to ▁establish ▁a ▁financial ▁institution ▁rival ing ▁the ▁western ▁domin ated ▁World ▁Bank ▁and ▁IM F , ▁The ▁bank ▁would ▁be ▁named ▁the ▁New ▁Development ▁Bank ▁as ▁suggested ▁by ▁the ▁Indian ▁side ▁but ▁Mod i ▁g ov t . ▁failed ▁to ▁bag ▁the ▁bank ' s ▁head qu arter ▁for ▁New ▁Del hi , ▁which ▁would ▁be ▁located ▁in ▁Shang hai , ▁China . ▁Later ▁the ▁BR IC S ▁leader ▁also ▁attended ▁an ▁event ▁in ▁Brasil ia ▁where ▁they ▁met ▁the ▁UN AS UR ▁heads ▁of ▁government . ▁At ▁the ▁same ▁time , ▁the ▁Ministry ▁of ▁External ▁Affairs ▁added ▁Spanish ▁to ▁its ▁list ▁of ▁available ▁languages , ▁which ▁the ▁H indust an ▁Times ▁read ▁as ▁" ind ic ative ▁of ▁the ▁government ' s ▁intent ▁to ▁go ▁beyond ▁Europe , ▁Asia ▁and ▁the ▁US ▁to ▁for ge ▁diplom atic ▁and ▁trade ▁t ies ▁with ▁Latin ▁American ▁nations ." ▁He ▁travel led ▁there ▁via ▁Germany . ▁ ▁July ▁ 1 6 ▁– ▁Mod i ▁met ▁the ▁Brazil ian ▁President , ▁D il ma ▁R ous se ff ▁on ▁the ▁s idel ines ▁of ▁the ▁ 6 th ▁BR IC S ▁sum mit ▁in ▁Brasil ia , ▁Brazil ,