(MENAFN- KNN India) ICICI bank's non-executive chairman K V Kamath has been appointed as the first head of the BRICS bank.
The USD 50 billion New Development Bank being set up by the five emerging economies of BRICS is seen to be an alternative to other multi-lateral agencies with the focus on the development agenda of BRICS countries.
Kamath will have a five-year term of the bank, which is likely to be operationalised within one year, Finance Secretary Rajiv Mehrishi said.
Leaders of Brazil, Russia, India, China and South Africa (BRICS) had in 2014 reached an agreement to establish the New Development Bank, with its headquarters in Shanghai. As per the agreement, India got the right to nominate the first president. (KNN Bureau)
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