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Marcos Troyjo to step down from NDB President’s office by March 24 — press service

Then, the Board of Governors of the New Development Bank to elect a new President nominated by Brazil

SHANGHAI, March 10. /TASS/. Marcos Troyjo will stop discharging functions of the President of the New Development Bank (NDB) established by BRICS countries by March 24, 2023, the financial institution said on its website on Friday.

"The New Development Bank (NDB) has initiated a process of the leadership transition, which occurs in a mutually agreed manner and in accordance with the Bank’s governance and procedures," the press service said.

"NDB President Marcos Troyjo will step down by March 24, 2023. The Board of Governors of the New Development Bank will then elect a new President nominated by Brazil, to fulfil the incumbent rotating mandate expiring on July 6, 2025. After the election, the new President takes office," the Bank informed.

The Board of Governors of NDB elects the NDB President nominated in order of rotation for the tenure of five years. The Bank has not yet indicated when elections will exactly take place.