The former president of the Republic Dilma Rousseff started to command this Tuesday (28) the New Development Bank (NDB), also known as Banco do Brics. The official profile of the financial institution on Twitter released the first images of Dilma as president of the bank, which is headquartered in Shanghai, China.
HE Mrs. Dilma Rousseff, the newly elected NDB President, has started her first day in office at the NDB Headquarters in Shanghai, China. pic.twitter.com/JOLblXhhzQ
— New Development Bank (@NDB_int) March 28, 2023
Elected last Friday (24), Dilma will preside over the NDB until July 2025. She replaces Marcos Troyjo, former special secretary of the former Ministry of Economy, who held the post since July 2020. An official inauguration ceremony for Dilma was scheduled for the end of this week, which would take place during President Luiz Inácio Lula da Silva’s trip to China. However, the postponement of Lula’s trip due to health problems, the ceremony was cancelled.
On the last 10th, the NDB announced the replacement of Troyjo by Dilma. The election on the bank’s Board of Directors took place two weeks later. Each BRICS country – Brazil, Russia, India, China and South Africa – chairs the bank for five-year rotating terms.
Challenges
According to specialists consulted by Agência Brasil, the new president of the Banco do Brics will have the opportunity to expand the international insertion in the institution, but will face two big challenges: promote projects linked to the environment and circumvent the geopolitical impact of Western retaliation against Russia, one of the founding partners.
Created in December 2014 to expand funding for infrastructure projects and sustainable development projects in the Brics and other emerging economies, the NDB currently has around US$32 billion in approved projects. Of this total, approximately US$ 4 billion is invested in Brazil, mainly in highway and port projects.
In 2021, the Bank of Brics was joined by the following countries: Bangladesh, Egypt, United Arab Emirates and Uruguay.
