Indian banker to head BRICS Bank

The Dollar Business Bureau Utilising its right to nominate the first president of the New Development Bank of the BRICS (Brazil, Russia, India, China and South Africa) that was established in 2014, India nominated its noted banker K V (Kundapur Vaman) Kamath as president of the $100 billion New Development Bank being set up by the BRICS. Kamath who is currently non-executive chairman of ICICI, has earlier worked with the Asian Development Bank. Kamath will have a five-year term of the bank, which is likely to be operationalised within one year with its headquarters in Shanghai. Russian Finance Minister Anton Siluanov will become the bank’s first Chairman of the Board of Governors, while the first chairperson of the Board of Directors will be Brazilian. South Africa will establish an African regional center for the bank, reported a news site thebricspost.com The BRICS Bank launched last year will fund infrastructure projects in Brazil, Russia, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the International Monetary Fund (IMF). The BRICS combined GDP grew 300 per cent in the last decade as opposed to 60 per cent growth registered by the developed world. The launch of the bank and the $100 billion currency reserve pool in July is their first concrete step toward reshaping the Western-dominated international financial system.    

May 11, 2015 | 7:54 pm IST.