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373838
Wed, 07/08/2015 - 11:32
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Kundapur Vaman Kamath approved as President of BRICS New Development Bank - Russia’s Finance Minister

MOSCOW, July 7. /TASS/. Kundapur Vaman Kamath, the former head of the Indian ICICI bank, has been approved as President of the BRICS New Development Bank, Russia’s Finance Minister Anton Siluanov said on Tuesday. "The creation of the BRICS Bank, one of the biggest international financial institutions with capital totaling $100 bln, is the most important event as of today," Siluanov said, adding that the representative of the Indian side Kundapur Vaman Kamath had been approved as the first President of the newly-found financial institution. Kamath /born in 1947/ earlier headed India’s biggest company Infosys. As was reported earlier with reference to Kundapur Vaman Kamath the New Development Bank of BRICS countries /Brazil, Russia, India, China, South Africa/ will start operating in April of 2016. Kamath said that it was decided to name the financial institution as the New Development Bank and not BRICS Bank, because in the future new countries may join the group. The agreement on establishing the bank was signed on July 15, 2014 in Fortaleza /Brazil/. It provides for the establishment of the New BRICS Development Bank to finance infrastructure projects and sustainable development of these and other developing countries. Read more

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