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Bolsonaro confirms former minister Joaquim Levy as new BNDES president

Former Brazilian finance minister and current CFO of World Bank Group Joaquim Levy has been confirmed as the new president of development bank Banco Nacional de Desenvolvimento Econômico e Social

The appointment was confirmed to S&P Market Intelligence both by an officer at the state-run bank and by the press team of incoming finance minister Paulo Guedes.

Earlier reports claimed that Levy had accepted the offer and, but confirmation from president-elect Jair Bolsonaro was still pending. Levy will replace Dyogo Oliveira, who was an appointee of outgoing President Michel Temer.

Levy, who like Guedes holds a PhD degree in economics from the University of Chicago, was appointed finance minister early in 2015 under the administration of Dilma Rousseff and served for almost a year before joining the World Bank in 2016.

Estado do S. Paulo reported that Levy will assume the BNDES position with a mandate to expand the bank's interactions with multilateral agencies such as the World Bank and the Inter-American Development Bank. Fundraising partnerships with such institutions would allow BNDES to repay more debt to Brazil's Treasury in 2019, the report said.