Former Brazilian President Dilma Vana Rousseff has been elected as the new President of New Development Bank (NDB). She has replaced Marcus Troyjo.
- Dilma Rousseff, served as the President of Brazil between January 2011 to August 2016. Rousseff was elected the President of Brazil for two consecutive terms.
About New Development Bank (NDB)
- The New Development Bank (NDB) was established in 2015 by BRICS countries – Brazil, Russia, India, China and South Africa.
- The Bank’s membership is open to members of the United Nations. NDB commenced the admission of its first new member countries in the second half of 2021.
- Bangladesh and UAE are the new members of NDB.
- The New Development Bank (NDB) has an authorized capital of USD 100 billion, which is divided into one million shares that have a par value of one hundred thousand dollars each.
- The initial subscribed capital (19.42% each) of the bank was equally distributed among the founding members.
- The Agreement on the NDB specifies that every member will have one vote no one would have any veto powers.
- The bank is headquartered in Shanghai, China.
