The New Development Bank of the BRICS countries has designated Brazil’s Marcos Prado Troyjo as its President. He will succeed eminent Indian banker Kundapur Vaman Kamath who took over as the first president of the bank in 2015. The decision regarding appointment was taken during the special virtual meeting of the Board of Governors.
- The Board also appointed Anil Kishora of the State Bank of India (SBI), as the vice president of the NDB to assist the emerging economies in infrastructure development loans.
- According to the Articles of Agreement (AoA) of the NDB, the Board of Governors elects a president from one of the founding member countries on a rotational basis. The president is the chief of the operating staff of the Bank, conducting ordinary business, under the direction of the Directors.
About Marcos Prado Troyjo
He served as Brazil’s deputy economy minister and special secretary for foreign trade and international affairs and represented the Brazilian Government on the boards of multilateral development institutions.
About Anil Kishora
He worked in the SBI for about 38 years, and had exposure to all areas of SBI operations. Before joining the NDB, he worked as Deputy Managing Director & chief risk officer (CRO) of SBI, being responsible for managing SBI Group’s operational, market, credit, cyber, information security and other risks.
Nirmala Sitharaman attended Special Board of Governors meeting of NDB through video-conference
Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the Special Board of Governors meeting of the NDB through video-conference for the election of next President of NDB, Vice-President and membership expansion.
About KV Kamath:
Outgoing president Kamath, 72, played a key role in consolidating the NDB. He was the non-executive Chairman of the Industrial Credit and Investment Corporation of India (ICICI) bank besides Chairman of Infosys.
It is a multilateral development bank established by the BRICS states to mobilize resources for infrastructure and sustainable development projects in BRICS and other developing countries.
Formation– July 2015
Headquarters– Shanghai, China
Membership– Brazil Russia India China South Africa (BRICS)
- Recently, the bank has granted USD one billion loan to India under emergency assistance programme to fight COVID-19 in the country.
- Since its inception, NDB has approved 55 projects of member countries for an amount of $16.6 billion, which is quite a remarkable achievement.