Kamath to take charge of BRICS bank in July

K V Kamath,  non-executive chairman of ICICI Bank, is likely to take charge of the New Development Bank, promoted by BRICS nations, as its first president in the first week of the next month.

"He will be visiting China next week and is likely to formally assume charge of President in early July," PTI reported quoting a finance ministry official.

Last month, the government had announced appointment of Kamath as the first president of the $100-billion BRICS Bank (See: ICICI Bank's KV Kamath to head BRICS's New Development Bank).

Kamath, 67, will have a five-year term at the institution, which is likely to be operationalised within one year.

He has an experience of working with multi-lateral funding agency, Asian Development Bank, Manila, in the Private Sector department in 1988 after serving at ICICI for more than a decade.

His principal work at ADB was in various projects in China, India, Indonesia, Bangladesh and other emerging nations.

The founding nations of the New Development Bank - Brazil, Russia, India, China and South Africa (BRICS), a grouping of major emerging economies, at their summit in Brazil last year, had authorised India to nominate the first president of the $100-billion development bank.

On his appointment as president of the Shanghai-based bank,Kamath will serve a five-year term and this could be crucial for India, which is looking for funds for investment in the infrastructure sector.

NDB will start with a capital base of $50 billion and soon double it to $100 billion. Over 34 per cent of the institution's funding is expected to be in the infrastructure segment.

The BRICS nations account for nearly $16 trillion in GDP and 40 percent of the world's population.