Dilma Rousseff assumes presidency of the BRICS Bank

Havana, April 13 (RHC) - Former Brazilian President Dilma Rousseff today assumed the presidency of the new development bank for the countries that make up the BRICS bloc, during an inauguration ceremony in the Chinese city of Shanghai.

With the presence of the Brazilian Head of State, Luiz Inácio Lula da Silva, Rousseff formally took over the leadership of the fund intended to grant loans, financing and technical assistance for projects of the members of the economic bloc and other developing countries.

Roussef will finish the five-year term of her predecessor Marcos Troyjo, 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 for global development. “It is a reflection of its members' role as global leaders and their ability to come together to tackle today's biggest and most pressing challenges. Together, the BRICS members are stronger and more capable," said the former ruler.

Lula Da Silva, for his part, highlighted the reasons why the new financial institution was created in the current global context.

"The new development bank emerges as a tool to reduce inequality between rich countries and emerging countries that translates into social exclusion, hunger, extreme poverty and forced migration," he mentioned, and added that the Covid-19 pandemic and armed conflicts have a negative impact on the most vulnerable populations.

He pointed out that "it cannot be that the banks suffocate the economy of the countries as the International Monetary Fund is doing now with Argentina, and as they did with Brazil for so long and with all the third world countries."

"I dream that the BRICS can create a development tool that is strong and that lends money with the perspective of helping countries and not suffocating countries," said Lula da Silva.

The Brazilian president has been making an official visit to China since Wednesday, in which he is scheduled to meet next Friday with his counterpart Xi Jinping in Beijing, where they will sign more than 20 bilateral agreements. (Source: Telesur)