Putin offers Brazil new term at BRICS bank
Russian President Vladimir Putin confirmed on Thursday (Oct. 24) that he has proposed extending Brazil’s leadership of the BRICS bank for another five-year term, with Dilma Rousseff remaining at the helm of the bloc’s key financial institution. Rousseff’s current term is set to end in July 2025.
“Russia has proposed extending Brazil's presidency of the BRICS bank, along with Mrs. Rousseff's term as its president. Considering that Brazil chairs the G20 this year, it will take over the BRICS leadership from us next year,” said the President of the Russian Federation.
According to the rules of the New Development Bank (NDB), each BRICS member country appoints the institution's president for a five-year term. Under the current rotation, Russia is set to nominate the next president of the NDB.
Putin noted that, given Russia's ongoing war with Ukraine, having a Russian leader at the helm of the BRICS bank could create challenges for the institution's operations.
Dilma Rousseff assumed leadership of the BRICS bank in March 2023, succeeding fellow Brazilian Marcos Troyjo, who was appointed during Jair Bolsonaro's administration.
The NDB currently finances around 100 projects, totaling approximately $33 billion. The bank plays a central role in the BRICS strategy of boosting investment in its member countries and the Global South.
