Brazil's development bank gets new chief

BNDES, headed by Luciano Coutinho since 2007, will now be tied more closely to Brazil’s ministry of planning.

In a move to shore up his newly formed administration, Acting Brazilian President Michel Temer has appointed Maria Silva Bastos Marques to head the Brazilian Banco Nacional de Desenvolvimento Economico e Social (BNDES).

The 59-year-old economist formerly headed steel company Companhia Siderurgica Nacional. She previously served as chief executive of Rio de Janeiro's Olympic Company and prior to that she worked as secretary of the treasury for the Rio city goverment. She is a former researcher at the Getulio Vargas Foundation and a professor at the Pontifice Universidade Catolica do Rio de Janeiro

In addition to the new appointment, the BNDES has also been linked more closely with the Ministry of Planning, Development and Management, which is now being run by Temer's long-time associate Romero Juca.

Temer took on the role of Brazil's Acting President last week when lawmakers voted in favour of impeachment proceedings against Dilma Rousseff, who must now sit on the political sidelines for the next six months during her trial.

Marques replaces economist Luciano Coutinho, who has headed the BNDES since May 2007.