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* 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.

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