MercoPress. South Atlantic News Agency

Dilma Rousseff elected head of BRICS New Development Bank seated in Shanghai

Former Brazilian President Dilma Rousseff was “unanimously” elected as the head of the New Development Bank (NDB), a multilateral financial institution set up by the BRICS (Brazil, Russia, India, China, and South Africa) countries. Rousseff, 75, succeeds her fellow Brazilian Marcos Troyjo, at the Shanghai-headquartered bank.

 ”The Board of Governors of the NDB of the BRICS, (Brazil, Russia, India, China, South Africa), unanimously elected Rousseff as the President of the Bank, effective immediately,” a press release from the bank said.

Rousseff is a close associate of the current Brazilian President Lula da Silva, who defeated Jair Bolsonaro in the elections held in October last year.  Her appointment was agreed and announced ahead of Lula’s official visit to China on March 26 at the invitation of President Xi Jinping, and which had to be postponed because the Brazilian leader caught influenza.

An economist, Rousseff was hand-picked by President of Brazil Lula to succeed him as head of the Brazilian Executive. She was, however, removed from office in 2016 following allegations of manipulating the budget which she has denied.

In July 2014, as Brazilian president she participated with the BRICS countries in the setting up of the NDB.