Press ReleaseAppointment of Two Vice-Presidents and Rotation of Responsibilities

The Board of Governors of the New Development Bank (NDB) appointed Mr. Daopeng Fu from China and Mr. Monale Ratsoma from South Africa as Vice-Presidents of the New Development Bank. The current Vice-President from India, Mr. Rajiv Ranjan, will also take up new responsibilities as the Vice-President and Chief Administrative Officer. The current Vice-President from Russia, Mr. Roman Serov, will remain the Vice-President and Chief Operating Officer.

Mr. Daopeng Fu

The Board of Governors appointed Mr. Daopeng Fu as the Vice-President from China, effective from July 8, 2026. He will take the position of the Vice-President and Chief Financial Officer.

Mr. Daopeng Fu has approximately 30 years of extensive experience in the public sector, with a career centred on macroeconomic fiscal policy formulation and government budget management, particularly focusing on areas such as diplomatic and foreign expenditures, foreign assistance, and contributions to international organisations.

Prior to joining the NDB, Mr. Fu served as the Director-General of the Hubei Supervision Bureau under the Ministry of Finance (MOF) of the People's Republic of China. In this role, he oversaw the implementation of proactive fiscal policies at the provincial level, supervised local fiscal operations, and monitored risks related to local government special bonds. He was also responsible for assessing risks within financial institutions and inspecting the accuracy, integrity, and quality of corporate accounting information.

From 2021 to 2024, Mr. Fu held the position of Deputy Director-General in the Administration and Law Enforcement Department of the MOF. In this capacity, he managed departmental budgets related to diplomatic and foreign affairs expenditures, foreign assistance, and other central government agencies. He actively contributed to China's budget management reform as well as the development of the foreign aid system and mechanism.

Between 2016 and 2020, Mr. Fu served as Counsellor at the Permanent Mission of China to the United Nations. He led the Fifth Committee Team of the Chinese delegation in negotiations on the UN's Administrative and Budgetary issues.

Earlier in his career, Mr. Fu served as a member of the UN Committee on Contributions from 2014 to 2016. Since joining the Ministry of Finance in 1997, he has held roles across several departments.

Mr. Fu holds a Ph.D. in Economics from the Graduate School of the Research Institute of Fiscal Science, Ministry of Finance. He completed postdoctoral research at the Chinese Academy of Social Sciences.

Mr. Monale Ratsoma

The Board of Governors also appointed Mr. Monale Ratsoma as the Vice President from South Africa effective, 8 July 2026. He will take up the position of the Vice-President and Chief Risk Officer.

Mr. Monale Ratsoma is a distinguished executive leader and international financial strategist with over two decades of experience at the intersection of international development, economic policy formulation, macroeconomic analysis, sovereign and private sector finance, and global capital markets.

Previously, Mr. Monale Ratsoma served as the NDB's Vice-President and Chief Financial Officer from 8 July 2024 - 7 July 2026, where he provided executive oversight of the NDB's multicurrency funding strategy across key capital markets, including EMTN, Panda Bonds and ZAR funding programmes as well Financial Statements preparation and reporting.

He was previously the Director-General at the NDB's Africa Regional Centre (ARC) from 2018 - 2024 where he established the Bank's first Regional Office to finance African operations.

Prior to joining the New Development Bank, he served at the National Treasury of South Africa from 2011 to 2018 where he held various roles including, the Deputy Director-General: Economic Policy where he led macroeconomic modelling and econometric forecasting, and micro economic reforms for South Africa, amongst other responsibilities; acting Deputy Director-General: International & Regional Economic Policy where he negotiated landmark agreements including African Union financing reforms, as well as coordinating programs with multilateral development banks and international organisations while leading participation at the G20, BRICS, SADC and SACU. He was also the Chief Director: Debt Issuance and Liability Management where he managed South Africa's sovereign debt portfolio.

Mr. Ratsoma has also served in key governance roles, including as an Alternate Director at the NDB and a Non-Executive Director at Trans Caledon Tunnel Authority (TCTA), Corporation for Public Deposit (CPD) and was also Acting CEO and Chief Economist at Thebe Stockbroking.

Mr. Monale Ratsoma holds a Master's Degree in Development Economics from the University of Johannesburg, Honours & B.Com Economics from the University of Western Cape, these are complemented by executive training from Gordon Institute of Business Science (GIBS) and other international institutions.

Mr. Rajiv Ranjan

Mr. Rajiv Ranjan was appointed as the Vice-President from India by the Board of Governors in 2025. He will take the position of the Vice-President and Chief Administrative Officer from July 7, 2026. Previously, Mr. Rajiv Ranjan served as Vice-President and Chief Risk Officer of the New Development Bank.

Mr. Rajiv Ranjan is a career central banker with over 35 years of experience. Having started his stint with the Reserve Bank of India (RBI) in 1989, he has served as an Executive Director and a Member of the Monetary Policy Committee (MPC) since May 2022. Previously, as Head of the Monetary Policy Department and Secretary to the MPC, he played a key role in monetary policy and liquidity related functions. His extensive professional experience includes leading the Department of Economic and Policy Research with a focus on data-driven policy research, serving as an Economic Policy Expert in the Central Bank of Oman (2012-15), and assignments in the International Department and the Department of External Investments and Operations of the Reserve Bank.

His expertise in the areas of macroeconomic policies including monetary, fiscal and external policies; financial market operations; risk management; foreign exchange and bond market; and international economic affairs has contributed significantly to India's economic governance. He also brings a wealth of experience in working with major multilateral financial institutions and groupings such as the G20, IMF, World Bank, BIS, FSB, OECD, SAARC, and central banks from the Global South.

In addition to several publications on contemporary economic and developmental issues in leading academic journals, he has also co-authored three books.

Mr. Rajiv Ranjan holds a master's degree in economics from the Delhi School of Economics, University of Delhi, and a PhD in Economics from the University of Mumbai.