Brazil to the presidency of the a new Development Bank based in China

Dilma Rousseff has been named as the new president of the New Development Bank (NDB). The NDB was created to encourage economic development in the BRICS nations, including Brazil. As NDB President, Rousseff will be based in the bank’s headquarters in Shanghai, and earn about $57,000 per month. She will hold this position until July 2025, at which point Brazil’s term as the chair of the NDB comes to an end. It is worth noting that her salary is approximately 113 times Brazil’s average monthly wage.

When as President of Brazil was instrumental in founding the New Development Bank (NDB) and the Contingent Reserve Arrangement, which allowed BRICS countries to access liquidity. Her appointment to the NDB board was met with criticism from the Conservative opposition. Rousseff ultimately had to step down from the presidency due to corruption charges.

Rousseff has become an informal advisor to Lula on the economy and foreign policy. This puts the Chinese leadership’s New Development Bank (NDB) in direct contact with Brasilia’s power.

 The NDB has offered roughly $14.6 billion in funds since it was created, with Brazil receiving $5 billion in funding. Rousseff’s advice and encouragement have also focused on the NDB’s support of environmentally friendly projects, but also in ways to circumvent the Western world’s retaliation against Russia as said in a communiqué published by Brazil’s public news agency

Dilma Rousseff and Luiz Inácio Lula da Silva both support China. Rousseff previously admired the country’s authoritarian model and celebrated its anti-colonial story. She also predicted China would become the world’s greatest economy. Similarly, Lula emphasized economic and diplomatic cooperation, and vowed to maintain a ‘non-aligned’ stance with China. In his victory speech, Lula called for a denial of a new Cold War between China and the US.

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