NDB elects Brazil’s Marcos Troyjo as its new President

NDB’s Board of governors unanimously elected Marcos Troyjo as the president. As per the bank’s officials, he will take charge of the position on July 7, 2020.

Created On: May 30, 2020 10:15 IST
Marcos Troyjo
Marcos Troyjo

Marcos Troyjo has been elected as the new president of the New Development Bank (NDB). He is a former deputy economy minister of Brazil and will replace India’s KV Kamath as a president of the multilateral financial institution.

The Finance Ministry released a statement mentioning that the elections for the post were held in a special meeting of the bank’s board of governors on May 27. The statement also mentioned that India’s Anil Kishora will be the bank’s vice-president and Chief Risk Officer.

The Union Finance Minister of India, Nirmala Sitharaman also attended NDB’s board of governors meeting through the video conference.

Key Highlights:

KV Kamath took over the as a President of NDB in 2015 and was responsible for the bank’s swift response in launching COVID-19 Emergency Programme Loan Product.

NDB’s Board of governors unanimously elected Marcos Troyjo as the president. As per the bank’s officials, he will take charge of the position on July 7, 2020.

Apart from India’s Finance Minister, Nirmala Sitharaman, the virtual meeting was also attended by Brazilian Minister of Economy Paulo Guedes, Chinese Vice Minister of Finance Jiayi Zou, Russian Minister of Finance Anton Siluanov and South African Minister of Finance Tito Titus Mboweni.

Anil Kishora, a newly elected vice-president of NDB has experience of 38 years at State bank of India (SBI). Before joining NDB, he worked as a Chief Risk Officer and Deputy Managing Director of the state-run SBI.

Nirmala Sitharaman attended NDB’s Board Meeting:

Finance Minister, Nirmala Sitharaman also attended the Special Board of governors meeting of NDB through a video conference.

In her remarks, she appreciated the contribution of the New Development Bank (NDB) in funding infrastructure development. She added that it has positively impacted the development agenda of the member countries, including India.

The minister also informed that NDB has approved 55 projects of member countries for an amount of $16.6 billion, which is a great achievement.

Nirmala Sitharaman also highlighted the efforts of the outgoing president of NDB, Mr. KV Kamath. She mentioned his role in quickly giving shape to the vision that was stated by BRICS leaders in 2014. Finance Minister lauded his efforts and also made a reference to COVID-19 Emergency Programme which was initiated by Mr. KV Kamath.

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