Veteran banker KV Kamath demitted office as the president of the National Development Bank (NDB) on May 27, after completing his five year tenure. Marcos Prado Troyjo, former deputy economy minister of Brazil, will succeed Kamath as the new president of the Shanghai-based development bank created by BRICS nations to mobilise resources for economic development of member countries. The board of governors 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.
The BRICS - Brazil, Russia, India, China and South Africa - countries established the NDB in 2015 with an initial authorised capital of $100 billion and initial subscribed capital of $50 billion equally shared among the five founders. The bank is headquartered in Shanghai.
Kamath, who was appointed as the head of the BRICS bank on May 11, 2015, played a key role in consolidating the NDB, virtually setting it up from the scratch using his experience in the banking institutions in India.
Kamath, 72, was the non-executive Chairman of the ICICI bank beside Chairman of the IT bellwether Infosys before joining the NDB. Since its inception, the bank has funded billions of dollars to various infrastructure projects in the BRICS countries.
Recently, the NDB, under his leadership, disbursed $1 billion Emergency Assistance Program Loan to India which aimed at supporting the government of India in its efforts to contain the spread of COVID-19 and reduce human, social and economic losses caused by the coronavirus outbreak.
The decisions were made on May 27 at a special meeting of the board of governors in accordance with the Articles of Agreement of the NDB and its procedures, a press release from the bank said.
According to the Articles of Agreement 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, under the direction of the Directors, the ordinary business of the NDB.
The NDB was established by the BRICS countries to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
With PTI inputs
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today