ICICI Bank’s non-executive chairman KV Kamath has been elected as the chief of BRICS Development Bank. At the BRICS summit in Brazil last year India was accepted as the head of the $100-billion development bank.
Kamath is the non-executive chairman of ICICI Bank and is also the chairman of Infosys. He has a degree in mechanical engineering and did his management studies at the Indian Institute of Management, Ahmedabad.
While the New Development Bank, as it will be called, will be headquartered in Shanghai, India has got the right to nominate the first president.
The BRICS nations account for nearly USD 16 trillion in GDP and 40 per cent of the world’s population.
The proposed bank with a $50 billion capital structure is seen to be an alternative to other multi-lateral agencies with the focus on the development agenda of BRICS countries.
The BRICS Development Bank, aimed at funding infrastructure projects in developing nations, will be based in Shanghai, China, and India will preside over its operations for the first six years, followed by five-year terms for Brazil and then Russia, leaders of the five-country group announced at the 6th BRICS (Brazil, Russia, India, China and South Africa) summit.