Sri Lanka’s application to join BRICS has not been rejected, as confirmed by its Foreign Ministry. The proposal to join the New Development Bank was positively received. This reflects Sri Lanka’s strategic efforts to engage with the BRICS economic alliance.

The Foreign Ministry of Sri Lanka has clarified that the country’s application to join BRICS has not been rejected, despite reports in local media to the contrary. Additionally, the President of the New Development Bank (NDB) has expressed support for Sri Lanka’s intention to become a member. BRICS, which consists of Brazil, Russia, India, China, and South Africa, aims to enhance economic cooperation among its members, and the NDB serves as a multilateral platform for development financing.

The BRICS group, established by Brazil, Russia, India, and China, has emerged as a significant economic alliance, with South Africa joining in 2011. In recent times, BRICS has expanded its membership, indicating a growing interest from various nations to participate in this cooperative framework. Sri Lanka’s application for membership reflects its desire to engage with this influential bloc, which seeks to promote economic development, trade, and investment in member countries. The New Development Bank, set up by the BRICS nations, plays a crucial role in facilitating financial assistance for development projects among its members.

In summary, Sri Lanka’s application for BRICS membership remains under consideration, contrary to local media reports of its rejection. Furthermore, the nation’s interest in joining the New Development Bank has been favorably received. This development indicates Sri Lanka’s commitment to deepen its international economic ties within the BRICS framework.

Original Source: economictimes.indiatimes.com