PM Modi meets BRICS Bank chief K V Kamath
New Delhi, May 28 (ANI): Prime Minister Narendra Modi on Thursday met K.V. Kamath, the newly-appointed chief of the New Development Bank of BRICS countries. The USD 100 billion New Development Bank is being set up by the five BRICS countries: Brazil, Russia, India, China and South Africa. According to reports, India will hold the presidency of the bank for the first six years, followed by five-year terms each for Brazil and Russia. The bank will be based and operate out of Shanghai. The name 'New Development Bank' was reportedly suggested by Prime Minster Modi at a BRICS meeting at Brazil in November 2014. The bank aims at funding infrastructure projects in developing nations and is being seen as a step away from West-dominated international financial systems.
