Former Brazilian president to head BRICS bank

On Friday, 24 March, former Brazilian president Dilma Rousseff, the first woman president in Brazil's history, officially took over as president of the New Development Bank (BRICS Bank). She led the country from 2011 to 2016.

It should be noted that Rousseff will be president of the NDB until 2025. Before her, the post was held by another representative of Brazil, Marcos Troyjo, who headed the financial institution from 2020, as reported by TASS.

In addition, the new president of the NDB BRICS is expected to live in Shanghai, where the headquarters of the financial institution is located.

New Development Bank of the BRICS was established on the basis of an international agreement signed at the VI BRICS summit in Fortaleza in early 2014. The NDB is focused on the development of the countries of the union (Brazil, Russia, India, China and South Africa). The purpose of this institution is to provide money for projects that contribute to economic growth and improve the well-being of the group's member countries.

The importance of this interstate development bank is hard to overestimate, the financial institution enjoys credibility in the market and helps to implement important fundamental projects of its members.

Photo: flickr.com