Former Brazilian President Dilma Rousseff takes over the presidency of the BRICS Bank Escambray

Dilma will end the five-year term of her predecessor Marcos Trujo, who was appointed by former President Jair Bolsonaro in 2020, and will remain in office until July 6, 2025.

The new head of the BRICS Bank highlighted the importance of the bloc made up of Brazil, Russia, India, China and South Africa to global development (Photo: LulaOficial)

On Thursday, the former President of Brazil, Dilma Rousseff, assumed the presidency of the New Development Bank for the countries that make up the BRICS bloc, during the opening ceremony in the Chinese city of Shanghai.

In the presence of Brazil’s Head of State, Luiz Inacio Lula da Silva, Rousseff officially assumed leadership of the fund which aims to grant loans, financing and technical assistance to projects of economic bloc members and other developing countries.

Dilma will end the five-year term of her predecessor Marcos Trujo, who was appointed by former President Jair Bolsonaro in 2020, and will remain in office until July 6, 2025.

In her speech, the new president of the BRICS Bank highlighted the importance of the bloc made up of Brazil, Russia, India, China and South Africa to global development.

“It is a reflection of its members’ role as global leaders and their ability to work together to address today’s biggest and most pressing challenges. Together, BRICS members are stronger and more capable,” said the former governor.

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For his part, Lula da Silva highlighted the reasons for creating the new financial institution in the current global context.

He noted, “The New Development Bank is emerging as a tool to reduce inequality between rich countries and emerging countries, which translates into social exclusion, hunger, extreme poverty, and forced migration.”

“Climate change, the COVID-19 pandemic and armed conflicts are having a negative impact on the most vulnerable populations,” he added.

“In many developing countries, debts that are not payable accumulate (…) No ruler can operate with a knife in his throat because he has a debt, and the banks must be patient, and if agreements can be renewed, put the word tolerance in every renewal” , said the Brazilian head of state.

He pointed out that “banks cannot strangle the economies of countries as the International Monetary Fund is doing now with Argentina, and as they have done with Brazil for a long time and with all third world countries.”

“I dream that the BRICS countries can create a powerful development tool that lends money from the perspective of helping countries and not strangling countries,” Lula da Silva said.

The Brazilian president has been on an official visit to China since Wednesday, during which he is scheduled to meet next Friday with his counterpart Xi Jinping in the capital, Beijing, where they will sign more than 20 bilateral agreements.

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Among them, those that prove that business between the two countries will be conducted in their local currencies, with the exception of the US dollar in transactions, which total more than $150 thousand million in 2022, stand out.

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