By John Meyer, consultant in financial markets, for Eurasia Business News, April 1st, 2023
Former Brazilian President Dilma Rousseff has just been appointed president of the New Development Bank, an institution founded in 2014 as an alternative to World Bank and IMF.
The former president of Brazil will complete the mandate of her predecessor, the Brazilian Marcus Troyojo, who resigned. The multilateral bank fo the BRICS has welcomed in 2021 Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.
The Board of Directors of the New Development Bank (NDB) unanimously elected Dilma Rousseff on March 24 as president of the institution co-founded in 2014 by the BRICS, the forum made of Brazil, Russia, India, China and South Africa, as an alternative to the existing World Bank and the International Monetary Fund.
The President of NDB is the chief of the operating staff of the Bank, conducting, under the direction of the Directors, the ordinary business of the NDB.
Dilma Rousseff will chair the NDB until July 2025, when Brazil’s term in charge of the financial institution, which is headquartered in Shanghai, China, ends.
She served as Brazil’s president between January 2011 and August 2016, before stepping down following controversial impeachement proceedings.
Dilma Rousseff is the successor and party member of former President Luiz Inácio Lula da Silva, the president of Brazil from 2003 to 2011, and now one of the most popular politicians on the Brazilian left flank.
The New Development Bank was established in 2014 to finance infrastructure and sustainable development projects in BRICS countries, emerging market economies and developing countries.
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