Dilma Rousseff appointed as new President of BRICS New Development Bank

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Former Brazilian President Dilma Rousseff has been elected as the new President of the New Development Bank (NDB), also known as the BRICS Bank.

An Overview of the News

• She replaced Marcus Troyjo as the President of NDB.

• Rousseff is an economist who served as the President of Brazil for two consecutive terms from January 2011 to August 2016.

• During her presidency, Rousseff prioritised social policies, including poverty reduction and increased access to education and healthcare.

• The NDB has so far approved $23 billion in loans for projects including renewable energy and transportation infrastructure in its member countries.

About New Development Bank (NDB)

• It is a multilateral development bank established in 2014 by the BRICS countries - Brazil, Russia, India, China and South Africa.

• It was created with the aim of mobilising resources for infrastructure and sustainable development projects in emerging economies.

• It is headquartered in Shanghai, China and has regional offices in Johannesburg, South Africa and São Paulo, Brazil.

• Its authorised capital is $100 billion, with each founding member contributing $10 billion.

• Its main focus is on financing infrastructure projects including energy, transport and water supply.

• It operates on the principle of "co-ownership, governance and shared benefit", which means that member states have equal representation and decision-making power.

• It is seen as an alternative to established financial institutions such as the World Bank and the International Monetary Fund, which are dominated by Western countries.