Latest news with #Rousseff
Asia Times
a day ago
- Business
- Asia Times
The woman quietly leading a BRICS bank revolution
Former Brazilian President Dilma Rousseff is nearing the end of her first term as head of the New Development Bank (NDB), also known as the BRICS Bank, which is set to conclude in July. She has been re-elected for another two-year term, while Brazil will take over the BRICS presidency later this year. Appointed in early 2023, Rousseff's presidency of the Shanghai-based NDB has been groundbreaking in many respects. She was not only the first woman to lead the NDB but also the first former head of state to hold the position. As one of the bank's original architects – she helped found the NDB in 2014 during her presidency of Brazil – Rousseff viewed the institution as a tool to challenge Western dominance in development finance. She initially expressed a desire to boost investment in environmental projects and to circumvent the 'geopolitical impact of Western retaliations against Russia.' In addition, she made clear that NDB financing would come 'without imposing conditionalities' on borrower nations, a direct contrast to traditional Western-led institutions. The idea was that developing countries should have access to funds without the political or austerity strings often attached by the likes of the International Monetary Fund (IMF) or World Bank. Rousseff has made local currency lending central to her agenda, aiming for 30% of NDB loans in members' own currencies by 2026, reducing dependence on the US dollar and sidestepping the risks of Western sanctions in the process. By late 2023, Rousseff touted a pipeline of 76 new projects worth US$18.2 billion for 2023-24, on top of the 98 projects worth $33 billion the NDB had reportedly already financed. Her tenure kicked off with a symbolic visit from Brazil's President Lula in Shanghai in April 2023, where Lula attended her inauguration ceremony. At the ceremony, Lula praised the NDB as a partnership of emerging nations 'very different from traditional banks dominated by developed countries,' and expressed high hopes that it could help create a world with less poverty and inequality under Rousseff's watch. Her presence at the G20, alongside leaders of the world's largest economies, signaled the NDB's growing profile on the global stage. Earlier in 2024, Rousseff had even traveled to Russia to attend the St Petersburg International Economic Forum, where de-dollarization and alternative financial architectures were key themes. Rousseff has not shied away from using her political stature to give the NDB a seat at tables traditionally dominated by Western-led institutions. She has signaled to members and prospective members alike that the NDB under her leadership is open for business. Brazil was a key testing case for the NDB's rising emergency finance efforts. In May 2024, following devastating storms and floods in southern Brazil, she announced that the NDB would extend an aid package of $1.1 billion to rebuild infrastructure in Rio Grande do Sul state. The funding, coordinated in partnership with Brazilian public banks, was earmarked for everything from small business recovery to new roads, bridges and sanitation systems in the disaster-hit areas. Such a rapid mobilization of over a billion US dollars was unprecedented for the NDB in response to a member's natural disaster. Under her leadership, the NDB has aligned closely with China's priorities, reflecting the NDB's utility as a tool for China to use international institutions to achieve revisionist goals. During Rousseff's first weeks in Shanghai, Brazil and China reached an agreement to set up a clearinghouse to conduct trade in Chinese yuan and Brazilian reals, thereby reducing their dollar dependence. In May 2025, the People's Bank of China and Brazil's Central Bank signed a renewed local-currency swap agreement worth 190 billion yuan, about $27.7 billion, valid for five years and extendable. In 2024 and so far in 2025, China-Brazil trade has increased by about 10% year to year, with Rousseff being instrumental in China-Brazil dealings. Lula's government has treated the NDB as an extension of its strategic partnership with China, a venue through which Chinese capital can more safely flow into Brazilian projects under multilateral cover. By steering the bank to focus on local-currency lending and alternative payment systems, Rousseff indirectly aided Moscow's goal of a financial safety net outside of the US's reach. However, Russian entities themselves have not received new NDB loans since the Ukraine war began. India and South Africa, for their part, benefited from the continuation of multi-billion-dollar NDB funding for infrastructure, transportation and renewable energy projects but saw no obvious special boost under Rousseff compared to prior NDB leadership. If anything, some Indian analysts quietly fretted that the Rousseff-led bank became too closely aligned with China and Brazil's political understanding, potentially at India's expense, a reflection of India's wariness of overt anti-West posturing by BRICS. Perhaps the biggest new entrant on Rousseff's watch was Indonesia (also a G20 member), which, according to BRICS officials, was approved for NDB membership by early 2025. Rousseff has actively promoted this expansion, seeing it as part of her legacy of making the NDB 'a bank of the Global South' in substance. Still, Rousseff's appointment was polarizing from the start. Critics in Brazil's right-wing opposition accused Lula of provoking the US and aligning too closely with autocracies, while her 2016 impeachment and praise of China's governance model made her a controversial figure abroad. Externally, Rousseff had to manage the fallout from Russia's war in Ukraine, which forced the NDB to suspend Russian loans to maintain compliance with global markets. This geopolitical balancing act, along with rising interest rates, constrained the bank's ability to expand lending. Nonetheless, the NDB preserved its AA+ rating from S&P Global, even as Rousseff faced pressure to prove that an emerging-market-led bank could operate with high standards under global scrutiny. Rousseff was originally expected to step down in July 2025, with Russia set to nominate her successor as part of BRICS' rotating presidency system. But due to sanctions and geopolitical constraints, which could have potentially tanked the BRICS' prospects and more neutral image as a viable international bloc, Moscow backed her continuation. In March 2025, the NDB's Board of Governors unanimously reappointed Rousseff for a second term. Rousseff has redefined the NDB's presidency and helped elevate the bank as a key lever in China and the Global South's revisionist goals against Western financial dominance. Under her leadership, the NDB has deepened alignment with Beijing's broader strategy of building alternative global governance institutions, ones that reflect multipolarity and reduce dependence on the US-led financial institutions. Rousseff's enthusiastic support for de-dollarization, promotion of yuan- and real-denominated lending, and facilitation of Chinese-backed infrastructure in Latin America, particularly in Brazil, positioned the NDB as a complement to China's Belt and Road Initiative in a post-Pax Americana order. Looking ahead, Rousseff will likely stay focused on infrastructure, sustainability and social inclusion, though with perhaps sharper priorities. She reportedly plans to accelerate de-dollarization by expanding local currency lending, supporting tools like BRICS swap lines and digital payments. By any measure, these plans represent a seismic shift in development finance. Membership expansion is also likely, with countries like Saudi Arabia and Argentina in focus, along with deeper ties to regional banks like the Development Bank of Latin America and the Caribbean (CAF) and the African Development Bank. But her second term will also test her ability to manage global financial volatility and protect the bank's stability amid rising debt and geopolitical uncertainty. To date, and not without criticism, Rousseff has been instrumental in positioning the NDB as a challenger to Western financial hegemony, offering real competition and choice to countries in the Global South previously subjugated by an often oppressive world lending system. And with that helped to usher in a quiet but consequential revolution in the international order. Joseph Bouchard is a journalist and researcher from Québec covering security and geopolitics in Latin America. His articles have appeared in Reason, The Diplomat, The National Interest, Le Devoir and RealClearPolitics. He is an incoming PhD student in politics at the University of Virginia and SSHRC doctoral fellow on Latin American politics.
NDTV
13-06-2025
- Business
- NDTV
NDB Chief Rousseff Joins Yoga Event In Shanghai, Condoles Air India Crash
New Development Bank (NDB) President and former Brazilian President Dilma Rousseff attended the International Day of Yoga (IDY) 2025 curtain raiser event in Shanghai on Friday. During her address, Rousseff expressed profound grief over the tragic crash of the Air India flight in Ahmedabad and extended heartfelt condolences to the victims' families. "Speaking at the #IDY2025 curtain raiser, Dilma Rouseff, President of New Development Bank and former President of Brazil, expressed deep sorrow on the tragic crash of the Air India flight in Ahmedabad, and conveyed her heartfelt condolences to the families of the victims, as well as to the people and Government of India. She also expressed her best wishes for the speedy recovery of the sole survivor," the Consulate General of India in Shanghai said in a post on X. #InternationalDayofYoga2025 #YogaForOneEarthOneHealth 🧘🌍 CG @PratikMathur1 and Team CGI Shanghai were honoured to have H.E. Ms. Dilma Rousseff @dilmabr, President of New Development Bank @NDB_int and former President of Brazil, join the key #IDY2025 curtain raiser event in… — India In Shanghai (@IndiaInShanghai) June 13, 2025 The London-bound Air India 787-8 Dreamliner crashed shortly after takeoff from Ahmedabad International Airport on Thursday, killing all 241 people on board, including crew members. One person survived and is currently being treated. Speaking on the significance of the International Day of Yoga, Rousseff said the occasion had become a symbol of peace and resilience. "Yoga is one of India's greatest gifts to the world, a practice that transcends geography, language and belief. Rooted in ancient wisdom, yoga teaches us how to live in balance with ourselves, with others and the world. That's why the United Nations adopted the proposal made by Prime Minister @narendramodi to recognise June 21st as the International Day of Yoga. Since then, this day has become a symbol of peace and resilience, values that are very important in today's world," Rousseff said, as quoted by the Consulate. Speaking at the #IDY2025 curtain raiser, H.E. Dilma Rouseff @dilmabr, President of New Development Bank and former President of Brazil, expressed deep sorrow on the tragic crash of the Air India flight in Ahmedabad, and conveyed her heartfelt condolences to the families of the… — India In Shanghai (@IndiaInShanghai) June 13, 2025 Consul General Pratik Mathur and other Indian officials were present at the event, which marked the beginning of celebrations leading up to IDY 2025. India's national celebration will be held in Visakhapatnam, where Prime Minister Narendra Modi will lead the Common Yoga Protocol (CYP) session alongside over five lakh participants. Concurrently, 'Yoga Sangam' sessions will take place at more than one lakh locations across India, in what is expected to be one of the world's largest synchronised yoga demonstrations. Rousseff also praised India's role in founding the New Development Bank and highlighted PM Modi's key contribution. "Recognising India's pivotal role in the establishment of NDB, she said, 'India is not only a founding member of NDB, it's a country without which this bank would not exist. Prime Minister Modi was one of the founders and all of us are on a mission to create an important bank for the world," the Consulate General added.
See - Sada Elbalad
23-05-2025
- Politics
- See - Sada Elbalad
Former Brazilian President Awarded Compensation for Military-Era Torture
Israa Farhan Former Brazilian President Dilma Rousseff has been granted financial compensation for the torture she endured under the country's military dictatorship, according to Brazilian media. The South American nation's Ministry of Human Rights officially recognized Rousseff as a politically persecuted individual and awarded her 100,000 Brazilian reais (approximately 17,720 US dollars). The decision was reported by Brazil's TV Globo. Rousseff, who served as president from 2011 to 2016, was arrested in 1970 at the age of 22 for resisting the military regime. During nearly three years in prison, she was repeatedly subjected to torture by military forces. Brazil's military dictatorship spanned from 1964 to 1985. According to the National Truth Commission, more than 400 people were killed and thousands were tortured during this period. Rousseff had previously received a total of 72,000 reais in compensation from the states of Rio de Janeiro, São Paulo, and Rio Grande do Sul, where she was also tortured. She later donated those funds to social organizations. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
See - Sada Elbalad
23-05-2025
- Business
- See - Sada Elbalad
Algeria Officially Becomes Member of BRICS New Development Bank
Taarek Refaat Algeria has officially joined the New Development Bank (NDB) of the BRICS and become a full member, Bank Chair Dilma Rousseff announced. Rousseff noted, according to the bank's press office, that Algeria has become an important player not only in the North African economy, but also globally. She added, "Algeria will contribute to strengthening the NDB's position on the global financial scene," and said, "On behalf of the bank, I sincerely congratulate Algeria on its accession," according to the Russian news agency TASS. According to Rousseff, the financial institution is ready to cooperate with Algeria in the field of investment, concluding, "We will work with Algeria to finance effective projects that contribute to progress, improving lives, and development." The NDB was established by the BRICS countries based on an intergovernmental agreement signed at the group's sixth summit in Fortaleza in July 2014. The bank aims to finance infrastructure and sustainable development projects in BRICS countries and developing countries. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Yahoo
23-05-2025
- Politics
- Yahoo
Former Brazilian president receives compensation for torture
Former Brazilian president Dilma Rousseff is to receive compensation for her torture by the military during the country's dictatorship. As a politically persecuted individual, a commission of the South American country's Ministry of Human Rights awarded the former head of state, who was in power from 2011-16, compensation of 100,000 reais ($17,720), the TV channel TV Globo reported. Rousseff was arrested in 1970 at the age of 22 for her resistance to the military junta and was tortured multiple times during her approximately three-year imprisonment. The military dictatorship in Brazil lasted from 1964 to 1985. According to the report by the national truth commission, more than 400 people were murdered and thousands tortured during the dictatorship. Rousseff has previously received compensation totalling 72,000 reais from the states of Rio de Janeiro, São Paulo and Rio Grande do Sul, where she was tortured during her imprisonment. She donated the payments to social organizations. Rousseff is currently working as the president of the New Development Bank (NDB) of the BRICS countries in Shanghai. The BRICS countries were originally Brazil, Russia, India, China and South Africa, but they have expanded to include Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
