In a special meeting, the Board of Governors of the New BRICS Development Bank elected Brazilian Marco Prado Troyjo as the new president of the multilateral institution.

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The Board of Governors of the New Development Bank -NDB- of the BRICS met in a special way through videoconference to elect the new president of the bank: the Brazilian Marcos Prado Troyjo, who will take office on July 7. Its vice president will be Anil Kishora from India and he will serve as the bank’s chief risk officer. The presidential term is 5 years and the presidents are elected on a rotating basis between the member countries of the BRICS, that is, between Brazil, Russia, India, China and South Africa.

Troyjo was vice-minister of economy in Brazil, served as special secretary for Foreign Trade and International Affairs, and represented the Brazilian Government on the boards of multilateral development institutions. In addition, he chaired the Brazilian External Financing Commission and the National Investment Committee. He was also co-founder and Director of BRICLab at Columbia University, United States, and is a member of the World Future Council on International Trade and Investment of the World Economic Forum (WEF).

Marcos Troyjo will replace the previous president of the KV Kamath Bank of India, who has held the presidency since 2015 and is responsible for the NDB’s response to the COVID-19 pandemic, through the launch of the Emergency Program Loan Product COVID-19. The new president of the NDB will have the challenge of facing the post-pandemic economic consequences, reactivating the infrastructure projects and with it the activity of the multilateral bank. It remains to be seen also what direction the New Development Bank will take, but also the same space of the BRICS after the pandemic, given the loss of influence that the forum has experienced in recent years and the criticism it received, including from from the president of Brazil himself, Jair Bolsonaro.

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Gonzalo Roza, gon.roza@fundeps.org