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.