Hyderabad: The government opted for Brics Bank since Chief Minister K. Chandrasekhar Rao had a meeting with the bank’s president K.V. Kamath (former chairman of ICICI Bank) as part of his China tour in September 2015 and sought funding for urban development projects in TS.
Mr Kamath had responded positively and had asked the Chief Minister to submit proposals on the projects that needed Brics funding.
Brics nations — Brazil, Russia, India, China and South Africa — had launched ‘The New Development Bank’ (popularly known as Brics Bank) in July 2015 with the main aim of funding nations for development of infrastructure projects. The bank has an initial capital of $50 billion, which will be expanded to $100 billion within two years. Mr Kamath has been appointed the bank’s president for the first five years.
