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May 28, 2020

Meet the new President of New Development Bank (NDB) - Marcos Troyjo

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India's KV Kamath's five-year term as the president of the New Development Bank (NDB) came to an end today. He is going to be replaced by Marcos Troyjo of Brazil, as the new President of NDB. Elections for the post were held during a special meeting of the bank’s board of governors today. Marcos is currently working as Brazil's Deputy Minister of the Economy and also in charge of Foreign Trade & International Affairs. He is Brazil's Alternate Governor at the Inter-American Development Bank (IADB) and a representative at board level in many other multilateral development institutions.

India’s Anil Kishora has been appointed as NDB’s new Vice-President and Chief Risk Officer. Kamath, who took over in 2015, was responsible for the bank’s swift response in launching the Covid-19 Emergency Programme Loan product. Finance minister Nirmala Sitharaman, who attended the meeting, commended the NDB on funding infrastructure and other projects that positively impacted the development agenda of its member-nations, including India. 

About NDB
The New Development Bank, which was earlier BRICS Development Bank, was established by the BRICS States (Brazil, Russia, India, China and South Africa). Since its establishment in 2014, the NDB has approved an amount of $16.6 billion for 55 projects. The idea for setting up the bank was proposed by India to the BRICS nations in 2012, after which it was set up with headquarters in Shanghai. 

Note : India's Anil Kishora will be the new vice-president of NDB.

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