Sri Lanka is ready to join new International BRICS bank.
President Mahinda Rajapaksa said he welcomes the initiative taken by the BRICS leaders to set up a new international development bank.
The President said in a twitter message the new bank will be a helping hand to developing nations.
A decision was taken during the BRICS leaders’ conference held in Brazil to set up a new bank in order to grant loans to developing nations.
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.
When our news team contacted Central Bank Governor Ajith Niward Cabral said the new bank is an alternative to the World Bank and the International Monetary Fund therefore Sri Lanka is ready to join this new bank.