Need for growing NDB into global development institution: FM Nirmala Sitharaman

In her remarks at the meeting, Sitharaman appreciated Kamath for his stellar stewardship in very quickly giving shape to the vision stated by the BRICS (Brazil, Russia, India, China and South Africa) leaders in 2014.

Finance Minister Nirmala Sitharaman on Wednesday emphasised the need for growing New Development Bank into a global development institution, while preserving BRICS values. She also appreciated the leadership role played at the New Development Bank (NDB) by Indian banker K V Kamath, who will be leaving the institution as president on completion of his term.

Marcos Troyjo from Brazil has been elected as the new president of NDB, and will replace Kamath, who was appointed as the head of the institution for five years in 2015. The special meeting of the Board of Governors of NDB, held through video-conference, also approved the appointment of Anil Kishora as vice president and Chief Risk Officer.

In her remarks at the meeting, Sitharaman appreciated Kamath for his stellar stewardship in very quickly giving shape to the vision stated by the BRICS (Brazil, Russia, India, China and South Africa) leaders in 2014.

The swift response to coronavirus pandemic through launch of the COVID-19 Emergency Programme Loan product will be remembered as one of his contributions, she added.

She commended the contribution of NDB in funding the infrastructure development, which has positively impacted the development agenda of the member countries, including India. Within a short span of time, NDB has approved 55 projects of member countries for an amount of USD 16.6 billion, which is quite a remarkable achievement.

Sitharaman also mentioned that the bank has successfully created a niche for itself and proudly stands shoulder to shoulder with the peer MDBs (multilateral development banks). While congratulating the new team, Sitharaman remarked that she has great expectations from the new leadership in continuing this momentum forward and taking NDB to the next level in terms of lending performance to members, transparency, international credibility and effectively achieving the NDB mandate.

The NDB was established by the BRICS countries in 2014. The purpose of the bank is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries to complement the existing efforts of multilateral and regional financial institutions for global growth and development.