New BNDES boss told to open 'black box' at key Brazil wind financier

Brazilian president Jair Bolsonaro named Gustavo Montezano to lead the country’s key wind financier, National Development Bank (BNDES), after predecessor Joaquim Levy resigned following public criticisms from the president himself.

BNDES, which has a R$500bn (R$130bn) loan portfolio, is Brazil’s main financier of infrastructure projects, and especially of wind power, having lent over R$30bn to help build over 10% of Brazil’s 15GW wind capacity.