CAMOFI

Last updated
Caisse de Mobilization et de Financement
CAMOFI
IndustryFinance
Founded13 October 1977 (1977-10-13)
Defunct11 November 1998
Headquarters,
Burundi
OwnerGovernment of Burundi

The Caisse de Mobilization et de Financement (Mobilization and Financing Fund), or CAMOFI, was a state-owned development bank in Burundi.

Contents

History

CAMOFI was founded in 1977 as a state-controlled development bank with equity capital of 200 million  BIF. [1] State owned enterprises had to use CAMOFI or the central bank to handle their deposits, and CAMOFI was the only deposit institution allowed to buy Treasury bonds. [2] The commercial banks had to make interest-free deposits with CAMOFI equal to defined percentages of different types of deposit made with the banks. [3]

Grégoire Banyiyezako, an economist by training, was Director-General of CAMOFI from September 1995 until November 1996. He later became Minister of Commerce, Industry and Tourism and then Governor of the Bank of the Republic of Burundi (Central Bank). [4] Antoine Nduwayo, an ethnic Tutsi, who was Prime Minister of Burundi from February 1995 to July 1996, became Director-General of CAMOFI. [5]

CAMOFI provided funding to medium and long term projects. [1] It never made significant profits and was poorly managed by the former prime minister. The central bank injected cash into CAMOFI several times in attempts to save it. In 1997 it lost 560 million  BIF before subsidies, nearly three times its equity capital. It collapsed in November 1998 with debts that were more than five times its equity. [1] The CEO went on to run the Banque de commerce et de développement (BCD) when it was created on 14 January 1999. [6]

The first deputy general of the central bank stated in October 2003 that CAMOFI and CADEBU had collapsed due to "gestion laxiste" (lax management), but it would be more accurate to say that they were plundered. [6] The ruling elite had treated state enterprises such as CAMOFI and CADEBU as sources of rents. The managers, their friends, and politically-connected people with large loans probably benefitted from their failure. [6]

See also

Related Research Articles

<span class="mw-page-title-main">History of Burundi</span>

Burundi originated in the 16th century as a small kingdom in the African Great Lakes region. After European contact, it was united with the Kingdom of Rwanda, becoming the colony of Ruanda-Urundi - first colonised by Germany and then by Belgium. The colony gained independence in 1962, and split once again into Rwanda and Burundi. It is one of the few countries in Africa to be a direct territorial continuation of a pre-colonial era African state.

<span class="mw-page-title-main">Paul-Émile Janson</span> Belgian politician

Paul-Émile Janson was a francophone Belgian liberal politician and the prime minister from 1937 to 1938. During the German occupation, he was arrested as a political prisoner and died in a German concentration camp in 1944.

<span class="mw-page-title-main">Sylvie Kinigi</span> Burundian politician and economist

Sylvie Kinigi is a Burundian politician and economist who served as prime minister of Burundi from 10 July 1993 to 7 February 1994, and acting president from November 1993 to 5 February 1994, making her the second African woman to serve as a president.

Antoine Nduwayo was the Prime Minister of Burundi from 22 February 1995, until 31 July 1996. Nduwayo is an ethnic Tutsi.

Burundi is a producer of columbium (niobium) and tantalum ore, tin ore, and tungsten ore, and some deposits of gold which are designated for export. Burundi has resources of copper, cobalt, nickel, feldspar, phosphate rock, quartzite, and rare reserves of uranium, and vanadium.

Michel Sapin is a French politician who served as Minister of Finance from 1992 to 1993 and again from 2014 to 2017. He is a member of the Socialist Party.

<span class="mw-page-title-main">Burundi</span> Country in East Africa

Burundi, officially the Republic of Burundi, is a landlocked country in the Great Rift Valley at the junction between the African Great Lakes region and Southeast Africa. It is bordered by Rwanda to the north, Tanzania to the east and southeast, and the Democratic Republic of the Congo to the west; Lake Tanganyika lies along its southwestern border. The capital city is Gitega and the largest city is Bujumbura.

<span class="mw-page-title-main">Raymond Ndong Sima</span> Gabonese politician

Raymond Ndong Sima is a Gabonese politician who has been the Prime Minister of Gabon since September 2023. He was previously prime minister from February 2012 to January 2014.

<span class="mw-page-title-main">Don des vaisseaux</span>

The don des vaisseaux was a subscription effort launched by Étienne François de Choiseul, Duke of Choiseul and secretary of State to the Navy in 1761 as an effort to rebuild French naval power, diminished at the end of the Seven Years' War and in need for modernisation. Through this subscription, French provinces, cities, institutions or individuals contributed funds for the building of ships of the line, which were then named in their honour. The scheme raised 13 millions French livres and provided 18 ships, including two three-deckers, Ville de Paris and Bretagne.

<span class="mw-page-title-main">Burundian unrest (2015–2018)</span> Period of unrest in Burundi

On 25 April 2015, the ruling political party in Burundi, the National Council for the Defense of Democracy – Forces for the Defense of Democracy (CNDD-FDD), announced that the incumbent President of Burundi, Pierre Nkurunziza, would run for a third term in the 2015 presidential election. The announcement sparked protests by those opposed to Nkurunziza seeking a third term in office.

<span class="mw-page-title-main">November 1966 Burundian coup d'état</span> November 1966 coup détat in Burundi

On 28 November 1966, Michel Micombero, Burundi's 26-year-old Prime Minister, ousted the 19-year-old king (mwami) of Burundi, Ntare V, in a coup d'état. Ntare was out of the country at the time and the coup leaders quickly succeeded in taking control. Micombero declared an end to the monarchy and the Kingdom of Burundi became a republic, with Micombero as its first President.

<span class="mw-page-title-main">1976 Burundian coup d'état</span> 1976 coup détat in Burundi

The 1976 Burundian coup d'état was a bloodless military coup that took place in Burundi on 1 November 1976. An Army faction, led by Deputy Chief of Staff Jean-Baptiste Bagaza, ousted President Michel Micombero. Bagaza formed the 30-member Supreme Revolutionary Council to take control, suspended the country's constitution and was inaugurated as president on 10 November 1976.

<span class="mw-page-title-main">Lucie Castets</span> French civil servant (born 1987)

Lucie Castets is a French civil servant and economist. Associated with the Socialist Party, Castets was nominated by the New Popular Front (NFP) to serve as Prime Minister of France in the aftermath of the 2024 legislative election.

Vénérand Kazohera is a Burundian businessman. He was a prominent supporter of the ruling CNDD-FDD party under president Pierre Nkurunziza (2005–2020), and remained active under president Evariste Ndayishimiye.

Freddy Mbonimpa is a Burundian politician who was mayor of Bujumbura from 2015 to 2020. He held office during a period of political unrest after the decision of the President of Burundi to run for a third term.

Onatel Burundi, is a state-owned telecommunications provider in Burundi. It provides the full range of services including fixed and mobile voice, broadband and internet. The company has struggled to compete with private internet, broadband and mobile operators for many years.

Burundi Musongati Mining, or BMM, is a public-private enterprise that mines nickel near Musongati, Rutana Province, Burundi.

The Caisse d'épargne du Burundi, or CADEBU, was a public company that managed mandatory savings in Burundi. It collapsed in 1992 after competition was introduced.

The Banque de commerce et de développement, or BCD, was a short-lived state-owned bank in Burundi.

The Meridien Bank Burundi, or MBB, was a bank in Burundi, a subsidiary of Meridien BIAO, a network of African banks with headquarters in Zambia. It was launched in 1988 and failed in 1995.

References

  1. 1 2 3 Nkurunziza, Ndikumana & Nyamoya 2010, p. 38.
  2. Nkurunziza, Ndikumana & Nyamoya 2010, p. 13.
  3. Report No. 6754-BU Structural Adjustment, p. 101.
  4. Grégoire Banyiyezako Repertoire.
  5. Un apartheid qui ne dit pas son nom.
  6. 1 2 3 Nkurunziza, Ndikumana & Nyamoya 2010, p. 39.

Sources