Former Brazilian president Dilma Rousseff has been elected as the new president of the BRICS development bank. The bank, which includes the nations of Brazil, Russia, India, China, and South Africa, was created in 2014 and is based in Shanghai, China. The forum aims to finance infrastructure projects within the five-member nations and assist developing countries, with a mandate until 2025. Rousseff was nominated for the position by her political godfather and current Brazilian head of state, Luiz Inácio Lula da Silva, who is set to make a state visit to China next week, Brazil’s largest trading partner.
Rousseff previously held the Brazilian presidency from 2011-2016, succeeding Lula in the role, until she was removed by Congress in a judgement that accused her of alleged irregular handling of budgets. She will replace Marcos Prado Troyjo, a Brazilian diplomat who took over as head of the BRICS bank in 2020 and whose term was set to end in 2025.
The appointment of Rousseff comes after Troyjo resigned from his role on March 10, prompting a new selection process to begin within the financial institution. In 2021, the BRICS development bank admitted Bangladesh, Egypt, and Uruguay as bank partners and dedicated itself to supporting developing countries. The unanimous election of Rousseff by the Assembly of Governors of the NBD has made her the first-ever female president of the bank, with immediate effect.