Yang Shaolin, a top-ranking official in China’s Ministry of Finance, and Brazil’s former Minister of Finance Joaquim Levy have been appointed to key executive posts in the World Bank Group due to their “vast financial and management expertise”, the international institution announced on Monday.

Mr Yang, who had already worked in the World Bank, is currently the Director General of the Department of International Economic and Financial Cooperation at the Ministry of Finance of China, the World Bank said in a statement. He has been appointed as Chief Administrative Officer and Managing Director of the World Bank Group.

“In addition to his strong knowledge of our organisation, [Mr Yang] brings a deep background and expertise of driving economic and financial co-operation,” said the World Bank Group President, Jim Yong Kim, in a statement.

Mr Levy – who was until a few weeks ago Brazil’s Minister of Finance – has been appointed as Chief Financial Officer for the World Bank Group.

“[Mr Levy’s] tireless commitment to reform – oriented toward sustainable and inclusive development – is a significant asset to the World Bank Group as we review our finances and adapt to a rapidly changing environment,” the President of the World Bank stated.

Mr Levy’s appointment is effective February 1. Mr Yang will start his new position on February 29.