The former president of the Republic Dilma Rousseff was elected this Friday (24) president of the New Development Bank (NDB), also known as Banco do Brics. She replaces Marcos Troyjo, former special secretary of the former Ministry of Economy, who held the post since July 2020.
Dilma will preside over the NDB until July 2025, when Brazil’s term in charge of the financial institution, which is headquartered in Shanghai, China, ends. An official inauguration ceremony for Dilma is scheduled for the end of next week, during President Luiz Inácio Lula da Silva’s trip to China.
Although the bank announced the replacement of Troyjo by Dilma on the last 10th, the election on the bank’s Board of Directors only took place this Friday. Each BRICS country – Brazil, Russia, India, China and South Africa – chairs the bank for five-year rotating terms.
“As president of Brazil, Dilma Rousseff has focused her agenda on ensuring the country’s economic stability and job creation. Furthermore, during her government, the fight against poverty took priority, and the social programs initiated under President Luiz Inácio Lula da Silva were expanded and recognized internationally. As a result of one of the most extensive poverty reduction processes in the country’s history, Brazil was removed from the United Nations Hunger Map”, highlighted the NDB in a note.
The communiqué also recalled that, during her government, Dilma promoted respect for the sovereignty of countries and the defense of multilateralism, sustainable development, human rights and peace. The text highlighted that the former president expanded cooperation with several countries in Latin America, Africa and Asia, participated in the foundation of the NDB in 2014 and had a decisive presence in the Paris Agreement on the environment in 2015.
According to experts consulted by the Brazil Agencythe future president of Banco do Brics will have the opportunity to expand the international insertion in the institution, but will face two major 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$32 billion in approved projects. Of this total, around US$ 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.