Who was the first President of New Development Bank?

The correct answer is K V Kamath.

Key Points

• K V Kamath was the first President of the New Development Bank (NDB), appointed in July 2015.
• The New Development Bank was established by the BRICS countries (Brazil, Russia, India, China, and South Africa) with the purpose of funding infrastructure and sustainable development projects.
• K V Kamath served as the President of the NDB from its inception until May 2020.
• He is a renowned Indian banker, known for his leadership at ICICI Bank, where he significantly contributed to the growth of India's banking sector.
• The headquarters of the New Development Bank is located in Shanghai, China.

Additional Information

• New Development Bank (NDB):
  • It was formally launched during the 6th BRICS Summit held in Fortaleza, Brazil, in July 2014.
  • The primary objective of the bank is to mobilize resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies.
  • The NDB aims to complement the efforts of existing multilateral financial institutions like the World Bank and IMF.
• K V Kamath's Contributions:
  • Before joining NDB, K V Kamath was the Managing Director and CEO of ICICI Bank, transforming it into one of India’s largest private-sector banks.
  • He has received several prestigious awards, including the Padma Bhushan in 2008, for his contributions to trade and industry.
• BRICS:
  • BRICS is an acronym for an association of five emerging economies: Brazil, Russia, India, China, and South Africa.
  • It was formally established in 2006, with the first summit held in 2009.
  • BRICS nations account for around 40% of the world’s population and over 25% of global GDP.
• Current Leadership of NDB:
  • As of 2023, Dilma Rousseff, the former President of Brazil, serves as the President of the NDB.
  • The leadership transition reflects the rotational nature of the presidency among BRICS member states.