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    Brazil's Marcos Troyjo to succeed KV Kamath as NDB President

    Synopsis

    Brazil's Marcos Troyjo will succeed India’s KV Kamath as president of the New Development Bank (NDB). Elections for the post were held during a special meeting of the bank’s board of governors on Wednesday.

    Agencies
    New Delhi: Brazil’s Marcos Troyjo will succeed India’s KV Kamath as president of the New Development Bank (NDB). Elections for the post were held during a special meeting of the bank’s board of governors on Wednesday. India’s Anil Kishora will be the bank’s vice-president and chief risk officer, the finance ministry said in a statement.

    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.

    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.
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