Rwanda Development Bank
| Parastatal | |
| Industry | Finance |
| Founded | 1967 |
| Headquarters | Kigali, Rwanda |
|
Key people
|
Francis Mugisha Chairman Alex Kanyankole Chief Executive Officer |
| Products | Long Term Finance, Financial Advisory Services, Management Services, Export/Import Finance, Capacity Building, Trade Finance, Leasing Mortgage Finance |
| Total assets | US$122 million (RWF:72 billion) (2011) |
| Owner | Government of Rwanda |
| Website | Homepage |
Development Bank of Rwanda, commonly referred to by its French name Banque Rwandaise de Développement (BRD), is a development bank in Rwanda. It is one of the banks licensed by the National Bank of Rwanda, the national banking regulator.
The bank began its operations in 1967, as a long-term financial services provider, with the financing geared towards national development projects. As of April 2011[update], the total asset valuation of the bank was approximately US$122 million (RWF:72 billion), with shareholders equity of approximately US$42.3 million (RWF:25 billion)
Development Bank of Rwanda, “BRD” is a public company, with a share cpital of RWF:7,808,931,000 registered at the Office of the Registrar General, whose company code is n° 1000003547. BRD was incorporated on 5 August 1967. The period between 1967 and 1987 saw the institution invest heavily in pick-up trucks, finance and the finance of grinding mills.
Between 1988 and 1994, the bank expanded its services to the provision of loans in agro-industries, particularly tea and manufacturing, artisans and micro-enterprises. Furthermore, between 1995 and 2000, the bank underwent re-structuring, re-organization and re-capitalization, to repair the damage incurred during the 1994 Rwanda Genocide.
Since 2001, the bank has increased its focus on financing rural development projects, since 90% of the Rwandan population is rural.
On October 16, 2014, BRD announced that it had completed its internal reorganization. This process included spinning off its commercial banking business into a new subsidiary that would be sold off to Atlas Mara Co-Nvest Limited. This subsidiary was incorporated to run the commercial loan portfolio, BRD's Insurance brokerage firm and a piece of a commercial plot adjacent to BRD’s Kigali headquarters. As at October 18, 2014, the newly formed Commercial Bank was yet to be given an official name and was awaiting a commercial banking license from the National Bank of Rwanda.
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