Brazil's Troyjo to be new head of BRICS bank; SBI's Anil Kishora vice-prez

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 Source: AIR Twitter handle

The New Development Bank of the BRICS countries on Wednesday appointed Marcos Prado Troyjo, who served as Brazil's Economy Minister, as the new president of the Shanghai-based bank.

He will replace eminent Indian banker K V Kamath who took over as the first president of the bank in 2015.

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.

The decisions were made on Wednesday 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.

Troyjo 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.

 

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 USD 50 billion equally shared among the five founders. The bank is headquartered in Shanghai.

Kishora, who worked in the SBI for about 38 years, had exposure to all areas of SBI operations, the press release said.

Before joining the NDB, he worked as Deputy Managing Director & CRO of SBI, being responsible for managing SBI Group's operational, market, credit, cyber, information security and other risks.

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.

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.

Outgoing president Kamath, 72, played a key role in consolidating the NDB, virtually setting it up from the scratch using his experience in the banking institutions in India.

He was the non-executive Chairman of the ICICI bank besides 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 bank has granted USD one billion loan to India under emergency assistance programme to fight COVID-19 in the country.



Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel