KV Kamath, non-executive chairman of ICICI Bank, today thanked the Indian government for nominating him to the post of the president of the New Development Bank of the BRICS nations.
“I am honoured and humbled that the Government of India has nominated me as the first president of the New Development Bank of the BRICS nations. I would like to thank the Government for reposing its faith in me. I look forward to the establishment of the Bank and commencement of its operations in the service of the BRICS nations,” said Kamath in an official statement.
The Brics bloc consisting of Brazil, Russia, India, China and South Africa had in July last year at the Brics Summit in Fortaleza, Brazil agreed to set up the New Development Bank with an authorised capital of $100 billion to fund infrastructure projects in emerging countries that is often seen as a rival to multi-lateral agencies such as the IMF and the World Bank that are dominated by developed economies. Under the agreement, the bank would be headquartered in Shanghai, China with India getting the chance to nominate its first president.