Sri Lanka is seeking the membership of BRICS countries, a group of emerging markets striving to deepen economic ties. BRICS comprise of Brazil, Russia, India, China, South Africa and recently Iran, Egypt, Ethiopia and the UAE.
Cabinet Spokesman Minister Bandana Gunawardana said that Cabinet approval was granted to appoint an officers’ committee for forwarding appropriate recommendations for Sri Lanka to access BRICS.
The committee report detailed the advantages and disadvantages of accessing the new development bank established under the BRICS organization, the government said.
A multilateral development bank, the New Development Bank was established by the BRICS in 2015.
Gunawardena said that Sri Lanka gaining access to a development bank, alongside members such as China, India and Brazil, will improve its chances of gaining access to seed capital.
Accordingly, the Cabinet of Ministers has granted approval to the resolution furnished by the Minister of Foreign Affairs to apply for the membership of BRICS and its new development bank. (Newswire)
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