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PM Modi meets BRICS Bank chief K V Kamath

ANI  |  New Delhi 

Prime Minister Modi on Thursday K.V. Kamath, the newly-appointed chief of the New Development Bank of BRICS countries.

Prime Minister Modi tweeted about this meeting.

The USD 100 billion New Development Bank is being set up by the five BRICS countries: Brazil, Russia, India, and

According to reports, will hold the presidency of the bank for the first six years, followed by five-year terms each for and

The bank will be based and operate out of

The name 'New Development Bank' was reportedly suggested by Prime Minster Modi at a BRICS meeting at 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.

First Published: Thu, May 28 2015. 17:56 IST