New Development Bank is in Shanghai
On Tuesday, 28 March, former Brazilian president Dilma Rousseff began her first day at the helm of the New Development Bank (NDB), known as the BRICS Bank. The bank is headquartered in Shanghai, China.
Nominated by President Luiz Inácio Lula da Silva, Rousseff was elected to head the NDB with the support of economic ministers from China, Russia, India and South Africa, which together with Brazil make up the bloc that brings together the world's largest emerging economies.
"Her Excellency Dilma Rousseff, the newly elected president of the NDB, began her first day in office at the NDB headquarters in Shanghai, China," said the NDB press office on social media.
The BRICS Bank was established in 2014 to serve as an alternative to the World Bank and the International Monetary Fund (IMF). It provides financing and technical assistance to projects of BRICS members and other developing countries.
Currently, the NDB has about $32 billion in approved projects. Of these, around $4 billion is invested in Brazil, mainly in highway and port projects, as reported by Brasil 247, a partner of TV BRICS.
Photo: flickr.com
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