(Image source from: KV Kamath)
The New Development Bank (often represented as BRICS bank) has got first chief from India, ICICI Bank non-executive chairman and Infosys chairman KV Kamath, India will hold the presidency for the first six years.
The members of the BRICS bank are Brazil, Russia, India, China and South Africa. After India, Brazil will hold the presidency of the $100bn bank. The headquarters will be located in Shanghai.
Kamath had vast experience in various institutions including Asian Development Bank, and is currently serving as a non-executive chairman of ICICI Bank.
The fund of the BRICS bank would be used for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.