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| 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.
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