Brics paves the way for Dilma to assume bank presidency – 03/10/2023 – Market

The NDB (New Development Bank), a financial institution created by the countries of the Brics – a bloc formed by Brazil, Russia, India, China and South Africa–, announced this Friday (10) that Marcos Troyjo will leave the presidency of the institution in March 24th. The decision paves the way for former president Dilma Rousseff (PT) to take charge.

“The NDB has started a leadership transition process, which takes place in a mutually agreed manner and in accordance with the bank’s governance and procedures,” the agency said in an official statement.

According to the Brics bank, the council of governors will elect a new president appointed by Brazil to fill the current rotating mandate, which expires on July 6, 2025. “After the election, the new president will assume the post”, says .

Troyjo was nominated for the presidency of the Brics bank in 2020 by former minister Paulo Guedes (Economy). His proximity to the Jair Bolsonaro (PL) government and the willingness of Luiz Inácio Lula da Silva (PT) to place Dilma in office made his permanence in the post unsustainable.

In a note, the bank praised Troyjo’s tenure as president as “instrumental for the success of the NDB” and highlighted his participation in important achievements of the institution.

“He led the bank’s initial membership expansion, strengthened the ESG (environmental, social and governance) department and established the Office of Independent Assessment. He also led the move of the NDB’s operations to its permanent headquarters in Shanghai,” says the text.

As shown to Sheet, Dilma has already held virtual meetings with finance ministers from the Brics countries, and the expectation is that the formal rites will be completed by the end of March. She must accompany Lula on an official trip to China.

The interviews with foreign authorities are part of the process of nominating the former president. Last week, she had spoken with the finance ministers of China, Liu Kun, and Russia, Anton Siluanov, exposing her view on the role of the bank and the challenges of the body in the coming years.

Upon assuming command of the NDB, Dilma should receive a salary in excess of US$50,000 a month (equivalent to R$257,000), according to people with knowledge of the negotiations.

Lula has already publicly stated his intention to take Dilma to the presidency of the bank in an interview with CNN on February 16th. “Look, if it’s up to me, she will [ser a presidente do banco]”, said the PT. The president said that Dilma’s nomination would be “wonderful” for the Brics and for Brazil.

“Dilma is an extraordinary woman, a person worthy of great respect, and the PT adores her. She, along with the PT’s militancy, is very dear. And she has something that she is very technically competent. So, if she president of the Brics bank, it will be a wonderful thing for the Brics, it will be a wonderful thing for Brazil”, he said.

Dilma, who wants representatives from Brazil in line with her vision of the economy at the institution, discussed with Lula the name of Vice President Geraldo Alckmin (PSB), who is also Minister of Development, Industry, Commerce and Services, for the council of governors , as shown by the column Mônica Bergamo, from Sheet.

The idea would be to invite him to represent Brazil on the council as a kind of substitute for Minister Fernando Haddad (PT) —who, as head of the Treasury, is a member of the collegiate.