Brazil’s Marcos Troyjo is NDB’s new President, India’s Anil Kishora is VP
Brazil’s Marcos Troyjo is NDB’s new President, India’s Anil Kishora is VP

Brazil’s Marcos Troyjo is NDB’s new President, India’s Anil Kishora is VP

  • Marcos Prado Troyjo, former deputy economy minister of Brazil will replace KV Kamath as the president of the New Development Bank’s (NDB), a multilateral financial institution set up to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies, according to an official statement.
  • The board of governors also appointed Anil Kishora, an Indian, as vice president of the NDB. Kishora, a banker, has 38 years of experience at India’s largest bank, State Bank of India (SBI).
  • Before joining the NDB, he worked as the deputy managing director and chief risk officer of the state-run SBI.
  • The board of governors of NDB on Wednesday unanimously elected Marcos Prado Troyjo as the president. He will take charge on July 7, 2020, the bank said in a statement.
  • Finance minister Nirmala Sitharaman attended the board meeting through video-conference. Brazilian minister of economy Paulo Guedes, Russian minister of finance Anton Siluanov, Chinese vice minister of finance Jiayi Zou and South African minister of finance Tito Titus Mboweni also attended the virtual meeting.
  • In her opening remarks, Sitharaman commended the contribution of NDB in funding the infrastructure development, which has positively impacted the development agenda of the member countries, including India, the finance ministry said in a statement.
  • “Within a short span of time, NDB has approved 55 projects of member countries for an amount of $16.6 billion, which is quite a remarkable achievement,” it said.
  • Kamath was appointed president of NDB on July 7, 2015 at the inaugural meeting of the board of governors on the eve of the Ufa Summit, when the bank formally came into existence as a legal entity. BRICS countries — Brazil, Russia, India, China and South Africa — are its founders.

About New Development Bank- 

  • The New Development Bank, formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states. According to the Agreement on the NDB, “the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments.”
  • Founded – 15 July 2014
  • Headquarters– Shanghai, China
  • Founders– BRICS
  • First president– K. V. Kamath

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