NEW DELHI (Sputnik) – Kundapur Vaman Kamath, the first president of the BRICS New Development Bank (NDB), has already assumed his duties, economic relations secretary of India’s foreign ministry Sujata Mehta said Friday.
"We have the first president of the BRICS development bank – he is Indian, the eminent banker Mister K. V. Kamath – he will be at the summit. He has already started his activities as the president and he will be joining the leaders at the summit," Mehta said at a briefing.
According to Mehta, Kamath will take part in a meeting of the board of governance of the BRICS bank in Moscow on July 7.
The NDB was conceived as an alternative to Western global financial institutions. Its five founding nations – Brazil, Russia, India, China, and South Africa – signed off on a framework agreement to establish the NDB in summer 2014.
According to Russian Deputy Finance Minister Sergei Storchak, the bank is expected to begin operating on July 7.
