What’s new: Former Brazilian President Dilma Rousseff has been elected president of the New Development Bank (NDB), a supranational bank set up by Brazil, Russia, India, China and South Africa (BRICS).
Rousseff, an economist and first female president of Brazil, succeeds Marcos Troyjo as head of the Shanghai-headquartered development bank. She was elected “unanimously” by the bank’s Board of Governors, the NDB said in a statement Friday.
This means Rousseff will be at the helm until Brazil’s term of presidency, which rotates between the BRICS countries, ends in July 2025. The multilateral institution, formerly known as the BRICS Development Bank, was set up to finance infrastructure and sustainable development projects in emerging markets and developing countries.
What’s more: Brazilian President Luiz Inacio Lula da Silva postponed his trip to China after catching the flu, his press office said Saturday.
Lula was admitted to a hospital in the capital Brasilia on Thursday with flu-like symptoms, his press office tweeted. He was diagnosed with “bacterial and viral bronchopneumonia due to influenza A” and began treatment.
“The postponement has already been communicated to the Chinese authorities with the reiteration of the desire to reschedule the visit,” the office said.
Lula had intended to visit China from March 26 to March 31, during which he planned to sign at least 20 bilateral agreements as part of an effort to strengthen relations with Brazil’s largest trading partner, according to a Brazilian government statement. He also planned to visit the NDB headquarters in Shanghai and appoint the bank’s new president.
Contact reporter Wang Xintong (xintongwang@caixin.com) and editor Jonathan Breen (jonathanbreen@caixin.com)
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