(Adds background about the bank)
By Jenny Clover
KIGALI, April 5 Rwanda plans to privatise
Development Bank of Rwanda (BDR), the latest of several state
sell-offs in recent years, saying on Saturday the move was aimed
at improving the bank's performance.
The government, which wants to build a regional financial
hub in Rwanda, has sold stakes it held in other commercial
banks, including 45 percent of Bank of Kigali, via a
stock market flotation in 2011.
"The Government of Rwanda plans to privatise the Development
Bank of Rwanda (BRD) in a move to reform its operation and
ensure that the bank effectively serves its mandate," the
Finance Ministry said in a statement, adding that more details
would be released on Sunday.
It did not give any details about the sale of the bank,
whose shareholders also include local and private institutions,
along with development bodies from France, Germany, the
Netherlands and Belgium.
Last month, shareholders of BRD, short for the French
version of its name Banque Rwandaise de Développement, appointed
Francis Mugisha as chairman, after his predecessor moved to a
new position in Kenya.
It said Mugisha would "oversee the next phase of the bank's
mandate of financing private sector investments aimed at poverty
($1=680 Rwandan francs)
(Writing by Edmund Blair; Editing by Andrew Heavens and David