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 Lankan PM says people voted for a change in the system and not in individual or party
-- [32 minutes ago]
Sri Lanka's Foreign Minister to attend UNHRC sessions and meet with Human Rights Chief
-- [51 minutes ago]
Indian External Affairs Minister to visit Sri Lanka this week
-- [7 hours ago]
India's Krrish Group likely to recommence controversial Colombo project with new Sri Lankan government
-- [7 hours ago]
CID interrogates former Sri Lanka Navy Spokesperson over alleged navy involvement in disappearances
-- [8 hours ago]
Sri Lanka's Tamil party expresses lack of faith in domestic probe to visiting UN official
-- [8 hours ago]
Sri Lanka's domestic probe into allegations over war expected to go beyond September
-- [8 hours ago]
Significant challenges to press freedom still remain in Sri Lanka - international media mission
-- [8 hours ago]
Tamils in eastern Sri Lanka protest Missing Persons Commission's hearings
Sri Lanka sending high-level delegation to Maldives to express concern over political crisis

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.