Sri Lanka welcomes International BRICS bank

Sri Lanka welcomes International BRICS bank

Sri Lankan President Mahinda Rajapaksa welcomed  the initiative taken by the BRICS leaders to set up a new international development bank.

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.

BRICS members Brazil, Russia, India, China and South Africa will begin the new bank with a capital of 100 billion US dollars.

The bank headquarters will be located in Shanghai and the first Governor will be an Indian national.