Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka welcomes BRICS initiative to establish a development bank
Mon, Jul 21, 2014, 08:23 pm SL Time, ColomboPage News Desk, Sri Lanka.

July 21, Colombo: Sri Lankan President Mahinda Rajapaksa today welcomed the formation of the New Development Bank (NDB) by the five BRICS nations - Brazil, Russia, India, China and South Africa.

"Sri Lanka welcomes the initiative of BRICS leaders to establish a new Development Bank. It will assist emerging nations significantly," the President said in a Twitter message.

The New Development Bank by the BRICS nations will compete with the International Monetary Fund (IMF) in financing infrastructure projects in the founding members of Brazil, Russia, India, China and South Africa, and in other emerging-market countries as well.

The new financial institution will start out with a capital of $50 billion, to be paid in equally by all five BRICS countries and eventually the Capital will grow to $100 billion according to a memorandum of understanding signed by the five nations.

The first chief executive of the new Bank for the first year will be from India and the Bank will be headquartered in Shanghai, China. Russia will be the chairman of the representatives.

ColomboPage - Recent 10 Stories
Sri Lanka does not need a Singapore style management - President
-- [1 hour and 42 minutes ago]
Sri Lankan government orders 125,000 motorbikes from Bajaj
-- [2 hours ago]
Sri Lanka opposition presidential candidate pledges to reform country's foreign relations
-- [2 hours ago]
Sri Lanka ranks 89th in Forbes' list of Best Countries for Business
-- [3 hours ago]
Japan deports 26 Sri Lankan asylum seekers
-- [4 hours ago]
Sri Lankan President will not participate in a debate with no facts and figures - Minister
Candlelight vigil in Colombo to commemorate the Peshawar attack victims
SriLankan Airlines takes delivery of second brand new A330-300
Sri Lanka court grants bail to former Army Commander's son-in-law
Sri Lanka opposition candidate releases policy statement amid disruptions

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.