NEW DELHI: The government is looking at former disinvestment minister Arun Shourie and ex-finance minister Yashwant Sinha , among others, as possible contenders to head the BRICS Bank as its first president.

As part of the understanding, while the New Development Bank, as it will be called, will be headquartered in Shanghai, India has got the right to nominate the first president .

While various names have been discussed in the past, sources in the government said those with proven administrative experience along with understanding of the international financial system and functioning of multilateral agencies are being considered.

Shourie, a former economist with World Bank, fits the bill. Sinha, who quit IAS, to serve as finance minister, is seen as a suitable candidate too. In the Atal Bihari Vajpayee government he had also served as foreign minister but sources were not sure of the implications of the fact that his son Jayant Sinha is minister of state for finance in the Narendra Modi administration.

Sources said a political candidate with administrative skills is better equipped to deal with the crucial appointment instead of a bureaucrat as the first president will play a crucial role in shaping the future of New Development Bank.

A final call is to be taken by Prime Minister Narendra Modi, which is expected shortly.

In April, finance ministers from the BRICS countries are expected to meet informally on the sidelines of the Fund-Bank meeting, while the leaders are due to meet in Russia in July. The leaders were earlier looking at inaugurating the bank in 2016.

The proposed bank with a $50 billion capital structure is seen to be an alternative to other multi-lateral agencies with the focus on the development agenda of BRICS countries. In fact, India is looking to tap it to meet its large infrastructure financing requirement and has been an active supporter of the new entity.

On February 25, the government formally ratified India’s membership of New Development Bank along with the proposed $100 billion Contingency Reserve Arrangement that can be tapped in case of a crisis. “The New Development Bank will mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement existing efforts of multilateral and regional financial institutions for global growth and development,” the government had said in a statement.

