BRD appoints new board chairman

L-R Francis Mugisha, the new Board Chairman hands over a

L-R Francis Mugisha, the new Board Chairman hands over a

The Development Bank of Rwanda (BRD) has approved the appointment of Francis Mugisha as the new Board Chairman to consolidate and oversee the next phase of the bank’s mandate of financing private sector investments aimed at poverty reduction.

Mugisha replaced Bernard Ndungu, the previous board chairman, who was relieved of his duties upon request from the bank’s shareholders.

Mugisha is a chartered Management Accountant by profession and current president of the Institute of Certified Public Accountants of Rwanda (iCPAR), who has also wide knowledge and experience of previously serving in various other capacities during past tenures as a BRD board member.

In a related development, Dr. Daniel Ufitikirezi, the current Director General at RSSB was appointed as a Board Member representing shareholder, the Rwanda Social Security Board (RSSB). Dr. Ufitikirezi joins other eight board members mandated to support BRD achieve its vision as the most profitable Bank at the service of poverty reduction.

Apparently, the ordinary general meeting held on March 31st passed numerous resolutions, in addition to adopting the report of Directors for the financial year 2013 during which the bank registered around Rwf4 billion net profit.

Also the bank’s loan book increased by more than 39%, and in 2013 a total of Rwf65 billion was approved consolidating its position as the main financier of medium and long term investments (with a market share of around 50%) in Rwanda.

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