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Brazil's Jair Bolsonaro signs law to allow for privatization of Eletrobras

RIO DE JANEIRO

: Brazilian President Jair Bolsonaro on Tuesday signed a law that paves the way for the privatization of state-controlled electricity utility

Eletrobras

, part of the right-wing leader'

s agenda

to reduce the size of the Brazilian state.

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The law allows Eletrobras to raise new equity in the private market, diluting the stake currently held by the Brazilian state, which stands at 61%.

The government expects this privatization to conclude by January 2022.

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