BRICS Bank begins transition process and paves the way for Dilma to assume presidency.
President Luiz Inácio Lula da Silva had already confirmed his intention to nominate former President Dilma Rousseff to head the New Development Bank (NDB).
Reuters The New Development Bank (NDB), the bank of the BRICS group of emerging nations, announced on Friday that it has begun the process of transitioning its leadership, paving the way for former President Dilma Rousseff to assume the presidency of the entity.
In a statement, the bank announced that the current president, Brazilian Marcos Troyjo, former Special Secretary for Foreign Trade and International Affairs at the Ministry of Economy, will leave his post on March 24. Troyjo has held the position since 2020.
"The board of directors of the New Development Bank will then elect a new president nominated by Brazil, to assume the rotating term that expires on July 6, 2025," the NDB said in a statement.
President Luiz Inácio Lula da Silva had already confirmed his intention to nominate Dilma to head the bank. Lula will travel to China at the end of this month and is expected to visit the NDB headquarters in Shanghai, accompanied by the former president.
Formed by the BRICS countries (Brazil, Russia, India, China, and South Africa) and focused on infrastructure financing, the NDB is seen by its members as an alternative to the World Bank. Based in Shanghai, it began operating in 2015.