Dilma Rousseff appointed as new President of BRICS New Development Bank

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Dilma Rousseff appointed as new President of BRICS New Development Bank

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.

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