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Marcos Prado Troyjo Assumed The Position Of President Of The New BRICS Development Bank

Marcos Prado Troyjo Assumed The Position Of President Of The New BRICS Development Bank

On July 7, the representative of Brazil, Marcus Troyjo, took office as President of the New Development Bank (NDB) of the BRICS (Brazil, Russia, India, China, and South Africa), which headquarter locates in Shanghai, according to a message posted on Tuesday on the official website of the financial institution.

"Marcos Troyjo assumed the post of President of the New Development Bank for five years on July 7, 2020," the message reads.

Troyjo was unanimously elected to this post on May 27 by the NBR's Board of governors. Before him, the Bank's President since 2015 was the representative of India, Kundapur Vaman Kamath.

The New President

Before he was elected President of NBR, Troyjo held various positions in government, business, and academic institutions. In particular, he was Deputy Minister of Economy of Brazil, acting Secretary for foreign trade and international Affairs, and represented the Brazilian government on the boards of multilateral development institutions.

He also became the founder and Director of the BRICS laboratory at Columbia University (USA). Troyjo holds a master's and doctorate in international relations sociology from the University of Sao Paulo and is a graduate of the Rio Branco Institute and the Diplomatic Academy of the Ministry of Foreign Affairs of Brazil.

The President of the EBRD is elected on a rotating basis from each of the member countries of the Association and holds this position for five years.

The BRICS Bank

The new Development Bank was established by the BRICS countries based on an intergovernmental agreement signed during the VI BRICS Summit in Fortaleza in July 2014. The Bank's goal is to finance infrastructure and sustainable development projects in BRICS countries and developing countries. The Bank has previously received international credit ratings at the level of "AA+" from Fitch Ratings and S&P Global Ratings, which allow it to effectively attract long-term funding in the international and local capital markets.

To date, the BRICS Bank has approved 58 projects totaling $18.5 billion, including three sovereign loans under the program to help the Bank's member countries fight the coronavirus pandemic, which has already been received by China, India, and South Africa.

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