Lankapage Logo Recent Top Stories
Go Home Home Serving the Sri Lankan community globally since 2000
go to

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
Jaffna University students peacefully protest demanding justice for colleagues' deaths
-- [4 hours ago]
Sri Lankan government to abolish the minimum room rates imposed on city hotels from March 2017
-- [5 hours ago]
Sri Lanka needs a new Constitution since the war ended - PM
-- [5 hours ago]
Sri Lanka Marxist party says 2017 budget is an 'empty shell'
-- [6 hours ago]
Meeriyabedda landslide displaced families get 75 new Army-built houses
-- [7 hours ago]
Price reduced drugs through Osusala from today
-- [7 hours ago]
Three missing Sri Lankan fishermen stranded in Dhanushkodi
No room in the country for conflicts based on languages - President
Sri Lankan sailor found dead in ship at Dhamra port in Odisha
Rangana Herath to captain Sri Lanka in Zimbabwe

Copyright © 2000, 2014 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.