Finance Minister Arun Jaitley will leave for Russia today to participate in the inaugural meeting of the BRICS-backed New Development Bank. A Finance Ministry statement said, in the first leg of his official visit, Mr Jaitley will reach Moscow, where he will participate in the inaugural meeting of the Board of Governors of the Bank tomorrow. During the four-day visit, he will also participate in the functions on the sidelines of the BRICS Summit at Ufa which is being attended by Prime Minister Narendra Modi. Mr Jaitley would also attend the meeting of the Finance Ministers of the BRICS nations. The BRICS Summit will focus discussions on enhancing cooperation in economic area, including the possibility of trade in local currency. India is hoping to get more funds for infrastructure development from BRICS bank, which will start with an initial paid-up capital of 50 billion us dollars with each BRICS country contributing 10 billion US Dollars. The BRICS nations account for nearly 16 trillion US Dollars in GDP and 40 per cent of the world's population.