New Development Bank (NDB) on Friday announced that former Brazilian President Dilma Vana Rousseff has been elected as the new President of the Bank, replacing Marcus Troyjo. NDB, also known as BRICS bank is a multilateral financial institution set up by the five BRICS countries including Brazil, Russia, India, China, South Africa.

"The Board of Governors unanimously elected H.E. Mrs. Dilma Vana Rousseff as the President of the Bank, effective immediately, in full accordance with the Articles of Agreement of the New Development Bank and the procedures of the President election," the bank said in a statement.

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The economist, Dilma Rousseff, served as the President of Federative Republic of Brazil between January 2011 to August 2016. Rousseff was elected the President of Brazil for two consecutive terms.

Previously, in the first two governments of President Luiz Inácio Lula da Silva, she served as the Minister of Mines and Energy and Minister Chief of Staff until 2010. During this period, she chaired the Board of Directors of Petrobras, state-owned Brazilian multinational corporation in the petroleum industry.

During her presidency in Brazil, Dilma Rousseff prioritised economic stability and job creation while also expanding social programs aimed at reducing poverty. Under her leadership, Brazil was removed from the UN's Hunger Map due to one of the most extensive poverty reduction processes in the country's history.

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Internationally, Rousseff promoted multilateralism, sustainable development, human rights, and peace, while respecting the sovereignty of all nations. Her government participated actively in international fora on climate and environmental protection, culminating in the decisive role Brazil played in achieving the Paris Agreement.

Rousseff also expanded Brazil's cooperation with countries in Latin America, Africa, the Middle East, and Asia, including the creation of the New Development Bank and the Contingent Reserve Arrangement with BRICS countries in July 2014. As President of NDB, Rousseff's leadership helped ensure the success of these initiatives.

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