As it prepares to rival multilateral funding agencies like World Bank and IMF, newly-launched New Development Bank of five BRICS countries has allocated formal responsibilities to four vice presidents.
The Shanghai-based bank in a release said, "Following the second meeting of its Board of Directors on November 23-24, the NDB is pleased to announce the allocation of formal responsibilities to the four Vice Presidents of the Bank."
NDB BRICS is multilateral development bank operated by Brazil, Russia, India, China and South Africa (BRICS). NDB opened its headquarters in Shanghai on July 21, 2015.
"We are pleased with our progress to date in finalising our broad policy framework and organizational structure which will now enable us to progress to the next phase of our establishment," NDB President K V Kamath said.
"After completion of the initial start-up phase, we are now in a position to allocate formal responsibilities with immediate effect to the four Vice Presidents. We will now be in a position over the next few months to commence our talent acquisition for our permanent staff complement," he said.
As President of the NDB is from India, the four new vice presidents have been appointed from rest of the four countries
-- Brazil, Russia, China and South Africa.
Vice President Xian Zhu as Chief Operations Officer will be responsible for Operations, including project lending, operational compliance and project procurement as well as the regional offices of the NDB.
Vice President Leslie Maasdorp as Chief Financial Officer will be responsible for the Treasury and Portfolio Management as well as the Finance Budgeting and Accounting functions.
VP Paulo Nogueira Batista Jnr. As Chief Risk Officer will be responsible for Economic Research, Risk Management, Strategy and Partnerships.
VP Vladimir Kazbekov as Chief Administration Officer will be responsible for Human Resources, Information Technology, Administration and Corporate Communications, the statement said.
NDB BRICS has been launched as an alternative to the World Bank and International Monetary Fund to meet funding needs of the BRICS grouping and other countries.
