Lula Names Leftist Economist to Head Brazil Development Bank
- Mercandante’s task as BNDES CEO is to reindustrialize Brazil
- Lula says no privatization will happen during his government
Aloizio Mercadante
Photographer: Andressa Anholete/AFP/Getty ImagesThis article is for subscribers only.
President-elect Luiz Inacio Lula da Silva appointed a leftist economist to lead Brazil’s development bank, giving him the the mission to help “reindustrialize” the country.
Aloizio Mercadante, the head the of an economic think-tank maintained by the Workers’ Party, was confirmed by Lula as the new chief executive of the bank known as BNDES on Tuesday. News that the president-elect was planning to pick him had already sent Brazilian markets tumbling the previous day.