MercoPress. South Atlantic News Agency

Dilma offered new term as BRICS bank head

Rousseff and Putin met earlier this week but it remains to be seen whether she is interested in the new job offer

Former Brazilian President Dilma Rousseff was offered the chance to stay for another five years as head of the New Development Bank (NDB, also known as the BRICS Bank) by Russian President Vladimir Putin during the bloc's Summit in Kazan, Agencia Brasil reported Thursday. Rousseff's term ends in July 2025.

 “Russia has proposed extending the presidency of Brazil and of the bank's president, Mrs. Rousseff. Bearing in mind that this year Brazil chairs the G20, next year it will take the baton from us and lead the BRICS,” said the president of the Russian Federation. According to Putin, as his country is at war with Ukraine, having a Russian leader at the head of the BRICS bank could cause problems to the financial institution.

“We don't want to transfer all the problems that are associated with Russia to institutions whose development we ourselves are interested in. We will deal with our problems and take care of them ourselves,” Putin added.

When asked by Agência Brasil if she was interested in staying at the helm of the Shnaghai-based institution, Rousseff's advisors made no comments. Pursuant to NDB rules, each BRICS member country appoints the institution's president for a five-year term and it was Russia's turn now.

Rousseff took over as head of the bank in March 2023, replacing Marcos Troyjo, also a Brazilian who had been appointed during Jair Bolsonaro's government.

The NDB currently has around 100 financed projects totaling approximately US$ 33 billion. The bank plays a central role in the bloc's strategy of expanding investment in the countries of the bloc and the Global South.

At this year's BRICS summit, Rousseff was received by Putin and defended the expansion of the group and the use of local currencies.

“We've had a lot of investment, but still not enough for the needs of the BRICS countries. That's why it's very important to make financing available in local currency through specific platforms. The New Development Bank [NDB] is committed to providing financing not only for sovereign projects, but also for private initiative projects,” Rousseff said earlier this week.