First Loans from BRICS Bank Expected in April 2016: Kamath

The ratification process which ended on July 7 in Moscow has allowed the bank to move forward and start working, according to Kamath.

Published: 09th July 2015 03:26 PM  |   Last Updated: 09th July 2015 03:38 PM   |  A+A-

K V Kamath_Modi

In this file photo President of the BRICS Development Bank K.V. Kamath (L) gestures as he speaks with Indian Prime Minister Narendra Modi. |AFP

By IANS

UFA, Russia: The BRICS New Development Bank expects to start providing its first loans by April 2016, according to India's K.V. Kamath, the first president of the bank.

"What we want to do is by April next year we want to make our first loans, so we will have to build teams to identify projects, build simultaneously internal processes and procedures, hire people and then get to the funding process," Kamath told TASS news agency.

The ratification process which ended on July 7 in Moscow has allowed the bank to move forward and start working, according to Kamath.

"As of now, technically I have a white sheet of paper with only the names of my four vice-presidents. Everybody else has to be hired," Kamath said.

For the first three months, the bank will seek help from member-countries' local development banks, according to Kamath.

"I’ve started the process of consulting with our own development bank partners, in fact I was having meetings just now, to hire one-two-three people from each of the countries," he said.

"Recruitment will be purely merit-based from across our member-countries," Kamath said.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp