On Friday, Brazil won the backing of its BRICS partners for the appointment of former Brazilian head of state Dilma Rousseff as the next president of the BRICS group’s New Development Bank.

Rousseff’s appointment was advanced by the Brazilian government, led by the administration of current president Inacio Lula da Silva. Rousseff will replace the current bank president, Brazilian diplomat Marcos Troyjo, an appointee of the previous Brazilian president, Jair Bolsonaro.

Rouseff will occupy the office until the current Brazilian mandate in the bank’s management runs out in 2025. It is expected  she will join President da Silva when he travels to China in March.

The BRICS nations, Brazil, Russia, India, China and South Africa, have been working on creating a separate financial system for trade settlement among the nations within their bloc, including a joint payment network. Some member states have already switched to trading in their local currencies, removing their need to use US dollars or Euros.

As a whole, the five nations in the BRICS alliance currently hold 40% of the global population, and almost 25% of its GDP.

Photo of Dilma Rousseff courtesy of Palácio do Planalto