Indian multinational banking and financial services company ICICI non-executive chairman K V Kamath has been appointed as the New Development Bank president.
The USD 100 billion New Development Bank is being set up by the five BRICS countries: Brazil, Russia, India, China and South Africa.
According to reports, India will hold the presidency of the bank for the first six years, followed by five-year terms each for Brazil and Russia. The bank will be based and operate out of Shanghai.
The name 'New Development Bank' was reportedly suggested by Prime Minster Narendra Modi at a BRICS meeting at Brazil in November 2014.
The bank aims at funding infrastructure projects in developing nations and is being seen as a step away from West-dominated international financial systems.
