Cover photograph : New Ngagara-Kamenge Counter
                                                          INTERBANK BURUNDI s.a.

                                                          10th FEBRUARY 2006

                                                                 13th Fiscal Year

15, Rue de l’Industrie • P.O. Box 2970 Bujumbura • T : (257) 22 06 29 • Fax : (257) 22 04 61 • E-mail : • Web site :



      15 * Evolution of the Activities

      18 * Social Audit

      19 * The Bank in its environment

      21 * Balance Sheet and Profit and Loss Accounts

      26 * Notes on the Balance Sheet and Profit and Loss Accounts





                                                   I.B.B.-2005 Annual Report, 13th Fiscal Year
                                                  KEY FIGURES ON 10 YEARS

    FISCAL YEAR                                           1996       1997       1998       1999        2000

     Current accounts debtors                            3,600.6    4,849.4    8,732.7   11,410.8    15,219.9
     Coffee loans                                        1,140.4     681.3      803.8     1,467.9     1,217.9
     Other loans                                         1,403.6    1,326.8    1,545.7    3,465.6     5,108.5
     TOTAL                                               6,144.6    6,857.5   11,082.2   16,344.3    21,546.3

     At sight deposits                                   5,098.7    7,859.7    7,321.8   11,731.1    15,812.1
     Deposits and cash vouchers                          2,592.1    2,192.0    2,421.9    4,282.8     4,483.5
     Saving accounts                                      480.5      485.5      470.5      660.7       697.4
     TOTAL                                               8,171.3   10,537.2   10,214.2   16,674.6    20,993.0

     Margin (Res-Uses)                                   2,026.7    3,679.7     -868.0     330.3       -553.3
     Credit to the Financial sector                     57,176.1   58,879.5   71,323.6   89,445.4   122,651.0
     IBB share (%)                                          10.7       11.6      15.5       18.3         17.6
     Credit from banks                                  40,423.5   40,786.8   55,295.5   72,073.7   102,190.9
     IBB share (%)                                          15.2       16.8      20.0       22.7         21.1
     Net income                                           354.4      925.4      871.1      973.9      1,329.8
     Shareholders Equity                                 1,218.9    2,027.0    2,568.0    3,211.9     4,211.8

4   I.B.B.-2005 Annual Report, 13th Fiscal Year
   2001        2002        2003       2004        2005

 17,755.4    20,138.7    25,083.9   29,026.0    32,976.8
   826.9      5,090.4     2,374.2    3,001.4     1,086.3
  6,388.3    10,679.5     8,658.8   13,069.4     9,988.4
 24,970.6    35,908.6    36,116.9   45,096.8    44,051.5

 19,039.9    30,560.2    36,960.9   49,573.1    46,254.8
  4,911.6     9,682.8    10,697.8   13,300.3    12,989.4
   762.6      1,039.4     1,311.6    1,545.2     2,201.2
 24,714.1    41,282.4    48,970.3   64,418.6    61,445.4

   -256.5     5,373.8    12,853.4   19,321.8    17,393.9
137,177.0   169,050.4   180,703.6 180,259.7    181,142.3
     18.2        21.2        20.0       25.0        24.3
112,134.4   139,662.5   160,827.6 161,742.2    165,376.1
     22.3        30.0        22.5       27.9        26.6
  1,121.0     1,085.3     1,110.5    1,847.0     2,267.1
  4,969.8     5,692.0     6,439.5    7,553.3     8,965.9

                                                           I.B.B.-2005 Annual Report, 13th Fiscal Year

    T      he fiscal year 2005, for which we
           present the accounts, closed down
           on a new strong increase of our
    financial performances.
                                                     performances while harmoniously
                                                     combining growth and profitability.

                                                     The diversification of our range of
                                                     activities, the adequacy of our strategy to
    That is how, in fact, while taking up our        our own fundamental values, as well as the
    appeal to the Bank stakeholders, at the end      motivation and commitment of our teams in
    of 2004, to rely on our achievements in          all the Bank components, and particularly
    order to reach new important goals, the          those which, on a daily basis, ensure, at our
    Bank profits exceeded, for the first time,       counters, the constant satisfaction of our
    two billions BIF, standing at 2,267.1            numerous customers, are our main assets
    millions BIF.                                    that account for our regular good
    Thus, we achieved excellent performances,
    so much excellent that they occurred in a        There is, indeed, behind these
    situation which, although improving, could       performances, the result of the daily work
    not be qualified as being satisfactory.          of 300 employees, distributed over twenty
                                                     exploitation sites, and consequently, of the
    As a matter of fact, the year 2005 was           many decisions taken at all levels and in all
    characterized by a political and economic        the sectors by the Bank management
    evolution full of contrasts.                     bodies.

    At the political level, hostilities stopped in   We would like here to take the opportunity
    the greatest part of the country and a series    to express our gratitude to everybody of
    of elections were organized and led to           you for your contribution to the Bank rapid
    putting in place elected institutions from       development/expansion.
    the grassroots level to the highest level;
    refugees' repatriation operations and the        Our thoughts go particularly to M. Jean
    demobilization of the ex-combatants which        Michel Vidal Rebattu, administrator for
    formed the other political challenge             thirteen years, and whose sad
    continued in a satisfactory manner.              disappearance, at the end of 2005, deprived
                                                     the Bank of a man of a great spirit and a
    At the economic level, the strong decline of     well-advised manager. We would like to
    fo od pr od uc ti on su bs eq ue nt to an        pay a great tribute to his devotion to the
    inadequate rainfall and a less abundant          development of InterBank Burundi.
    coffee harvest slowed down the growth            We would like to call upon the General
    induced by the dynamics of the tertiary          Assembly to accept the application of M.
    sector, thus limiting it at 5%.                  Bertrand Vidal Rebattu, the new Salex
                                                     Corporation boss, for his replacement and
    In such a mitigated environment, also            the pursuit of his great achievements.
    characterized by the deep regulatory
    environment transformations in the loan          We begin the year 2006 in a spirit
    and exchange policies, the Bank profits          characterized both by a great confidence in
    take a particular accent and highlight the       the future and by constant prudential
    quality of a management model which              concerns.
    managed to safeguard regular

6   I.B.B.-2005 Annual Report, 13th Fiscal Year
         Georges COUCOULIS, Chairman of the Board of Directors :

“The diversification of our range of activities, the adequacy of our strategy
to our own fundamental values, as well as the motivation and commitment
of our teams in all the Bank components, and particularly those which, on a
daily basis, ensure, at our counters, the constant satisfaction of our
numerous customers, are our main assets that account for our regular good

                                                        I.B.B.-2005 Annual Report, 13th Fiscal Year
    This great confidence is justified not only      In this regard, we shall pursue the
    by our constant financial performances and       diversification efforts of our sources of
    our management model, but also by the            income, successfully started in 2005, in
    social peace and security under recovery,        or de r to co un te rb al an ce th e offe rs
    these being factors in favour of more            standardization by proposing new and
    sub sta nt ia l co mm it me nt fr om th e        innovative products with a high added
    international community to assist our            value and by integrating the responses to
    country in its development efforts.              our customers' expectations.

    A great caution also; our environment is         We have the necessary human, social,
    going to move at the broad regulatory            cultural as well as financial resources to
    adjustments pace and according to the            face these challenges.
    emergence of our customers' new needs
    and expectations.
                                                                       Georges COUCOULIS.
    As in the past, we shall adapt ourselves to
    the changes; we shall have again to
    innovate and anticipate, to venture off the
    beaten track, and to get off the status quo in
    order to benefit from the

8   I.B.B.-2005 Annual Report, 13th Fiscal Year

 A       t both the political and economic
         level, the year 2005 has been a
         pivotal year for Burundi.

 The post-transition preparation and the
                                                  higher budgets allocation.

                                                  At the same time, the Central Bank
                                                  suppressed the compulsory prime rate of
                                                  the foreign exchange auctions and modified
 inauguration of a newly elected                  the modalities for the determination of the
 government following a long period of            official exchange rate, moving from a
 uncertainties were accompanied by an             system in which it was fixed by reference to
 opening of the donors community to               the weekly auctions rate to one based on a
 re su me th e fi na nc ia l de ve lo pm en t     weighted daily average rate of the bank
 cooperation and to break off with the status     system transactions.
 quo that had characterized the recent years.
                                                  As for the functioning of the foreign
 Important disbursements have therefore           exchange offices, in particular, the limit of
 been made, namely by the World Bank, the         their turnover which prevailed in December
 International Monetary Fund, and the             2004 was abolished in January 2005.
 European Union, thus enabling a dimmed
 economy to somehow recover.                      Finally, these liquidity and foreign
                                                  exchange reserves management activities
 It was also a pivotal year at the regulatory     led to the decrease of the monetary base and
 level, strongly exhibiting a break off from      the absorption of excess liquidities, the
 the traditional policy of refinancing and a      subsequent reduction of the official
 too rigid exchange policy. The Central           exchange rate and the black market gap,
 Bank has, as a matter of fact, continued its     reduced now to 3%, and to keeping an
 monetary restriction policy and the              inflation rate of about 10%.
 liberalisation of its exchange regulations
 with the support and under the supervision       In this political and economic environment
 of the Bretton Woods institutions.               which progressively got boosted, the Bank
                                                  oriented its operations in four major
 Thus, as regard the credit policy, the Central   directions: the optimization of its credit
 Bank has replaced, as of 2005, the               portfolio, the diversification of its sources
 individual banks and financial institutions      of income, the control of its operational
 ceilings by the creation of a rediscount         organization, and a vigorous stimulation of
 counter based on the expressed liquidity         its trading dynamics.
 needs, before moving, in April 2005, to the
 instauration of a liquidity tendering bid        With very good results, the fiscal year 2005
 mech anis m acco mpan ied by a more              close with a highly valued net profit of
 ri go ro us sy st em of se cu ri ti es an d      2,267.1 millions BIF, an increase of 23% as
 management to cover the loans.                   compared to the fiscal year 2004 whose net
                                                  profit was 1,847.0 millions BIF.
 Concerning the change, the on lending
 obligation of exports earnings was totally       These results confirm the position acquired
 lifted from the beginning of the fiscal year     by Interbank Burundi within the Burundian
 while, from March, the foreign exchange          Banking system.
 auctions increased in terms of amounts and
 frequency, that is twice per week with

                                                                   I.B.B.-2005 Annual Report, 13th Fiscal Year
                                             Callixte MUTABAZI, Managing Director :

                       “... the diversification of our source of income will be continued in a
                       more sustained manner, by offering new products and services,
                       constantly innovating and in line with the expectations of all our
                       customers' segments.”

10   I.B.B.-2005 Annual Report, 13th Fiscal Year
Optimisation of the Credit                      Diversification of the Sources of
Portfolio                                       Income
Confronted to the risks accentuation            With the voluntarist lowering of the
exacerbated by the deterioration of the         intermediation margin, occurring in an
economic environment during the last            increased regulatory and competitive
years, the Bank endeavoured, throughout         environment, the Bank, faithful to its
the year, to conduct an optimum credit          commitment towards a sustainable and
portfolio management.                           profitable growth, initiated a diversification
                                                programme of its sources of income by
On the one hand, with the contribution and      introducing new products with very high
strong mobilisation of the credits managers,    added value.
these permanent controls focused not only
on the collection and recovery of provisions    It is in th is fr am ew or k, mo re ov er
as the main means of improving the              characterized by a very strong fall of the
performances, but also on the redefinition      demand for new loans, that products such as
of the risk management as far as the            the rapid Western Union money transfer, the
methodology and tools are concerned.            SOCABU Credits insurance and the foreign
                                                exchange Bureau were put at the disposal of
For the methodology, we mainly focused on       our customers.
the control of the daily accounts receipts
and their periodicity; as for the tools, the    We, in fact, think that, as long as the
optimum use of the information technology,      customers look for a wider range of services
the judicious use of one's time, the            presented in a personalized offer and in their
communication and exploitation of the           convenience branch, our stock must be
minutes of the meetings were chosen as the      balanced between standards products and
us ef ul to ol s fo r th e cr ed it s ri sk s   services and those with a high added value.
                                                The whole network thus offers all the
On the other hand, considering that the         products and services for payment, savings
loa ns por tfo lio opt imi sat ion is als o     and credits together with the rapid Western
achieved through the loans liquidity and        Union transfer service and the SOCABU
pro fit abi lit y imp rov eme nt, and aft er    loans Insurance, including in our upcountry
analysing the global macroeconomic              convenience branches.
context, particularly the slackening of the
deposits interest rates, the Bank               Optimisation of the Operational
progressively reduced the credits interest      Organisation
                                                Improving the Bank organisational
The Bank aim, through this approach, is to      structures once more retained the attention
harmoniously combine the financial              of the management, particularly in 2005.
performances and our constant concern for
the collective interest in all its forms.

                                                                  I.B.B.-2005 Annual Report, 13th Fiscal Year
     Several Sunday sharing meetings were thus       global customers needs approach.
     organised for the heads of our branches, the
     heads of the counters, the visa, reception      During the fiscal year under review, the
     and cashiers staff, on the operational          network geographical expansion continued
     organization and security aspects, the          with the installation of a new branch at
     quantification and timing of the tasks as       Boulevard de l'Uprona and by launching
     well as the training in productivity and        the construction of the twentieth Bank
     operations profitability.                       exploitation site: an operational bank
                                                     counter in Kamenge, a popular urban
     As a follow up to these sessions and as for     commune in the north of the Capital city.
     this last aspect, the branches were
     progressively conceived as centres for          The Interbank Burundi branches and
     costs and profits with the establishment of a   counters network is thus continuously
     funding system of their operational             expanding, developing an unprecedented
     expenses by the income generated by their       distribution capacity on the Burundian
     entities (checks printing, SOCABU               banking market.
     Insurance, Western Union money transfer,
     etc).                                           The way forward
     Finally, in order to increase the operational   The 2006 fiscal year begins with better
     flexibility of our exploitation sites and put   political prospects after the installation of a
     in place a truly customer-oriented              newly elected government, and better
     organization, we standardized the structure     economic prospects with the more overt
     of all our branches while creating new          commitment of the donors' community to
     working stations, among which a specific        accompany the changes with their financial
     counter “Upcountry Branches” in three           support.
     sites in Bujumbura.
                                                     Important funding agreements have
     The Distribution Network                        already been signed while a donors' round
                                                     table is planned for next March in
     Following the examples of the previous          Bujumbura.
     fiscal years, the year 2005 was also
     characterized by the extension of the Bank      The economic good governance advocated
     distribution network.                           by the Government, which enjoys an intact
                                                     great amount of confidence, and the
     Since a long time, indeed, Interbank            progressive return of security, are all
     Bu ru nd i us es it s ge og ra ph ic al an d    encouraging factors for the funds donors to
     relational convenience approach with its        implement their commitment.
     customers as the foundation of its business
     strategy.                                       The continuation of the macroeconomic
                                                     and institutional reforms launched some
     A convenience approach made possible by         years ago is to form the backdrop of the new
     the dynamic networking of the country           relationships with the donors, numerous
     which culminated, during the last five          regulatory and institutional framework
     years, into twelve supplementary points of      adjustments being foreseen, whether in the
     sale and in the appointment of a competent      budget, credit or exchange policy.
     and motivated staff offering the best service
     to the customers, in the framework of a

12   I.B.B.-2005 Annual Report, 13th Fiscal Year
From left to right :

       - Gérard Bugeguze (Administration)
       - Salvator Ngezendore (Branches’administration)
       - Tite Tuzinde ( Internal audit)
       - Vénérand Ngendakumana (Clientele)
       - Joseph Hicuburundi (Internal audit)
       - Sylvère Bankimbaga (Credit)
       - Edouard Kywala (Assistant Manager, Member of the Management Committee)
                    Cash flow management
       - Callixte Mutabazi (Managing Director, Chairman of the Management Committee)
                    Overall Management of the Bank
                    Internal Audit
                    Studies and strategies
                    Reviewing of Operations, Administration and Branches’Management
       - Eugène Rutazibwa (Directeur Commercial, Membre du Comité de Direction)
                    International Banking
                    Legal Departement
        - Odette Inamuco (International Banking)
        - Samson Ninteretse (Studies and strategies)

                                                                    I.B.B.-2005 Annual Report, 13th Fiscal Year
     We shall have to anticipate the impacts of       more sustained manner, by offering new
     these adjustments on the financial sector, in    pr od uc ts an d se rv ic es , co ns ta nt ly
     general, and on our customers' activities,       innovating and in line with the expectations
     particularly in order to adapt our business      of all our customers' segments.
     accompanying measures and thus assist our
     relationships to get the best benefit from the   At the same time, we are determined to
     growth opportunities induced by the new          intensify our adaptation and transformation
     environment.                                     efforts in order to reposition ourselves in
                                                      the conquest of new highly potential
     In so doing, the Bank will have to reinforce     economic and financial niches.
     its customers knowledge and
     understanding, by providing them with            In this conquest, we shall constantly be
     well-advised counsels and performing             vigilant in order to effectively manage both
     solutions, reinforce the mastery of its          the growth of our assets and the control of
     environment and the supervision of its           our expenditures in the pursuit of much
     portfolio of activities.                         better performances of the revenues as
                                                      compared to expenses.
     We must, therefore, ever than before,
     improve our management and operational           The confidence of our customers, the
     methods, remain reactive, flexible and           soundness of our results, the motivation of
     inventive; all the opposite of a given           our teams, all these are the assets that will
     situation.                                       enable us to successfully respond to the
     In a fast changing environment, opposed to
     a long past characterized by a wait-and-see      An d th us , we sh al l co nt in ue th e
     policy, we shall have to remain attentive,       construction of a bank industry generating
     question ourselves, if the need arises, here     the welfare for the whole society and
     and there, when deemed necessary, and            wealth for its shareholders.
     ensure the evolution of our thinking.

     In this regard, the diversification of our                            Callixte MUTABAZI.
     source of income will be continued in a

14   I.B.B.-2005 Annual Report, 13th Fiscal Year
EVOLUTION OF THE                                on the strict supervision of the credit
ACTIVITIES                                      activity and the mastery of the operational
                                                structure, on the search of the
                                                diversification of its sources of income and

A         s the 13th Interbank Burundi fiscal
          year, the year 2005 was spent in an
          economic environment that was
more and more favourable for business, this
being mainly due to the important flow of
                                                a boosting of its business dynamics geared
                                                to the foreign currency customers.

                                                The Bank Commercial Department was
                                                therefore moved to the Boulevard de
resources related to the tangible resumption
                                                l'Uprona in February 2005 in order to
of the international financial cooperation.
                                                respond to the customers' expectations in
                                                terms of reception, location, office
Thus, despite the small quantity of coffee
                                                distribution and jobs assignment, a
harvested and the decrease of food
                                                delocalization justified by the foreign
production following particularly a
                                                currencies operations portfolio
shortage of rains, the real economic growth
stood at about 5%, the strength of the
services sector counterbalancing the
                                                At the same time, the Bank opened there a
primary sector counter-performances.
                                                new operational bank counter and started
                                                the building of its twentieth exploitation
As for inflation, it dropped while remaining
                                                site in Kamenge.
high, at about 10%, following the increase
in price of the food items, the rise of oil
                                                As far as marketing is concerned, in line
imports prices and the pressure on the
                                                with its decision to constantly improve its
prices induced by the increasing
                                                customers' reception conditions, it created
international presence, while the gap
                                                a specific counter “Upcountry Branches” in
between the official exchange rate and the
                                                four exploitation sites in Bujumbura, the
black market rate fell to 3%.
                                                sites that are more visited by our customers
                                                coming from the upcountry provinces.
These economic performances also explain
the impact of the macroeconomic and
                                                Of all those activities, the results so far
structural reforms programme
                                                achieved make us proud of a duly well done
implemented with the IMF and the World
                                                task and reassure us about the quality of our
Bank since four years now.
                                                management model and operational
At the financial sector level, the reforms
programmes continued, in 2005, by the
suppression of the refunding policy and its     RESOURCES POLICY
replacement by the instauration of a
liquidities auction mechanism, a more
accentuated liberalisation of the exchange
rate system, and a wider freedom given to
the foreign exchange offices.
                                                D        ue mainly to the important capital
                                                         flows following the resumption of
                                                         the international financial
                                                cooperation and surplus liquidities of the
                                                2004/2005 coffee campaign, the resources
In this buoyant economic environment, the       market remained liquid all over the fiscal
Bank refocused its orientation towards the      year, even allowing a slight slackening of
convenience management, mainly based            the credit rates.

                                                                  I.B.B.-2005 Annual Report, 13th Fiscal Year
                                     From left to right:

                                                   - Arturo Costa (Director)
                                                   - Marguerite Rumbete (Director)
                                                   - Callixte Mutabazi (Managing Director)
                                                   - Georges Coucoulis (Chairmain)
                                                   - Bertrand Vidal Rebattu (Director)
                                                   - Abbé Gabriel Baziruwisabiye (Director)

                                     Not appearing on the picture :
                                           - Bonaventure Nicimpaye (Director)

16   I.B.B.-2005 Annual Report, 13th Fiscal Year
The Bank naturally took this opportunity to       They seem to have fallen down by 1,045.3
reduce its financial expenses while keeping       millions BIF as compared to the previous
a favourable balance between the deposits         fiscal year, that is, a decline of 2.7%.
and the loans, the customers' deposits,
amounting to 61,445.4 millions BIF, less by       The controlled evolution of the loans
4.6% as compared to the previous year, thus       liabilities corresponds, in fact, to the
ensuring a credit coverage of about 139%.         concern of the Bank to diversify the
                                                  reinvestment of the resources in other
These continued performances are of               investment products, namely in some
course also explained by the widening of          international banking operations.
the deposits induced by the continuous
expansion of our distribution network             SERVICES
which added one unit at the Boulevard de
l'Uprona.                                                International Banking
MANAGEMENT OF THE                                 The continuous lessening of the foreign
CREDITS RISKS                                     exchange regulations and the functioning
                                                  of the foreign exchange offices, which

T       he loans risks management policy
        falls within the general context of
        ti gh te ni ng of th e pr ud en ti al
arrangements and refunding mechanisms,
the focus being on the strict monitoring of
                                                  namely led to the abolition of the on lending
                                                  of exports earnings and to the increase of
                                                  the volume and frequencies of the foreign
                                                  curre ncies auction sal es had a very
                                                  important impact on the International
the liabilities evolution and the research of     Banking activity.
a better loans portfolio profitability level.
                                                  This, therefore, remained sustained
Loans management                                  throughout the fiscal year, thus also
                                                  benefiting from the positive effects of our
In this line, through several exchange            cooperation with ONUB and the World
meetings organized a the beginning of the         Bank projects, a cooperation won after a
fiscal year, the loans officers were              brave struggle in 2004 and 2003.
reminded of their responsibility which
should be accurate all over the life of a loan.   It should be noted that, from February
                                                  2005, the Bank is affiliated to the rapid
At the same time, they were requested to          Western Union money transfer network,
redefine together the loans risks                 two years after our affiliation to the Visa
management, particularly its instrumental         and Eurocard/Mastercar networks.
and methodological aspects.

Loans Liabilities
The loans liabilities are in the right line of
the Bank objectives to ensure a strict
monitoring of the liabilities evolution at the
advantage of supervision and recovery

                                                                   I.B.B.-2005 Annual Report, 13th Fiscal Year
     The Counter Operations                                   SOCIAL AUDIT
     The collection operations in 2005 were        STAFF
     carried out at nineteen counters instead of
     eighteen in 2004, the cash flow thus being        Human Resources Management
     in constant progress.
                                                   The foundation of the Interbank Burundi
     For the fiscal year 2005, the remittances     human resources policy is still based on an
     and transfers made at the Central Bank        active recruitment policy, on the skills
     amounted to a total of 105,918.7 millions     valorization, on the increased
     BIF against 84,734.4 millions BIF in 2004,    employability and training of the
     while the daily cash collection reached the   employees.
     peak of 1,946.8 millions BIF.
                                                   While voluntarily encouraging the
             Inter-Agencies Operations             diversity of the employees' profiles, the
                                                   Bank focuses on mobility development
     In 2005, the Bank extended its network by     within the network, while seeking the
     setting up a new branch: a counter at the     pr om ot io n of to mo rr ow 's po te nt ia l
     Boulevard de l'Uprona.                        employees and officers, thus ensuring the
                                                   replacement, without suffering from any
     Due to the ongoing network expansion, the     staff shortage.
     inter-agencies exchanges were highly
     intensified, the flows from Bujumbura         With 59 recruitments in 2005, against 29 in
     towards upcountry standing at 105,350.8       2004, Interbank Burundi increased its
     millions BIF against 63,223.8 millions BIF    citizenship's role in creating employment;
     in 2004.                                      most of these recruitments were done for
                                                   the branches network and for the
     OPERATIONS PROFITABILITY                      International Banking. In this field, it is
                                                   worth noting that Interbank Burundi is,

     F      ollowing a strong decline of           since time immemorial, committed to the
            financial expenses subsequent to the   promotion of its teams' diversity which is a
            slackening of the deposits interests   source of mutual enrichment and essential
     rates which counterbalanced, and further,     to the instauration of the so-called-for
     the decline of the revenues from loans        balance within the whole company.
     resulting from the reduction of outstanding
     debts and rates; following also the strong    The fiscal year 2005 also acknowledged 44
     International Banking activity and the        promotions among the branches, counters,
     control of the operating expenditures, the    and sections supervision staff, as well as
     Bank profit increased by 22.7% as             among the intermediary levels' staff
     compared to 2004 and stood at 2,267.1         members.
     millions BIF.

                                                   The main training mission is twofold: sales
                                                   capacity building for the staff, enabling
                                                   them to become more sensitive to the
                                                   customers' needs, increasingly trained and

18   I.B.B.-2005 Annual Report, 13th Fiscal Year
informed, and to contribute to the recycling      THE BANK IN ITS
of the managers and thus improve their            ENVIRONMENT
supervisory and animation skills.
                                                  Aware of the overall impact related to its
This is the meaning of the numerous share
                                                  presence all over the country, the Interbank
meetings organized throughout the year for
                                                  Burundi remained strongly committed in
the cashiers, the visa and reception staff, the
                                                  favour of the communities in which it
counters and branches' heads.
It is also in this framework that we should
                                                  This social responsibility is also fulfilled
place the several months of training in
                                                  upstream by integrating this commitment
Banking English language for the services
                                                  in its values and behaviours as this is
                                                  testified by the lowering of the loans
                                                  interest rates it pioneered in 2005, and
The ultimate objective is to enable our staff
                                                  downstream, by a targeted local action in its
members to build their capacities to the
                                                  traditional intervention fields: solidarity,
benefit of their own expectations and the
                                                  artistic and cultural promotion, sports and
Bank operational needs.
              Social Welfare
                                                  Concerning solidarity, Interbank Burundi
                                                  remained as usual sensitive to the needs of
In this field, the Bank has always
                                                  the most vulnerable persons and needy
endeavoured, as much as possible, to create
                                                  groups, particularly people living with
the most favourable conditions to the
                                                  HIV/AIDS and the victims of the crisis and
motivation of its collaborators by giving
                                                  drought, by providing them with a financial
salary incentives and by the ongoing
                                                  support and other multifaceted forms of
reinforcement of its contingency system
« The Complementary Pension Fund. »
                                                  Similarly, the Bank continued its support to
The contributions to this fund amount now
                                                  the local communities and to the assistance
to 31% of the basic monthly salary in
                                                  or development associations in their self-
addition to the 5% net profit earnings
                                                  promotion efforts aimed at basic
allocated annually by the Bank.
                                                  infrastructures construction such as schools
                                                  or health centres.
Again, eager to create a sane social climate
that is propitious to productivity, the Bank
                                                  As for the cultural support, the Bank
continued a rich dialogue with the company
                                                  continued to increase its collection by
committee, and thus managed to reinforce
                                                  acquiring various new artistic objects and
the Interbank culture and the staff feeling of
                                                  co-sponsored, together with the French
belonging by gathering them around a
                                                  Cultural Centre and other patrons, two
platform of shared values.
                                                  major artistic events: the exhibition “ De
                                                  Bouche à Oreille. Le temps de la parole…”

                                                                   I.B.B.-2005 Annual Report, 13th Fiscal Year
     by Marisol Léon, a Colombian artist, and
     Sylvestre Ngendakumana, a Burundian
     artist, and the « Festival de Théâtre
     Scolaire Francophone 2005 : Paroles de
     Femmes » organized by the Burundian
     Association of French Teachers with the
     support of the CELEC Project and the
     French Cooperation with the participation
     of the Bujumbura lyceums.

     For sports, the Interbank Burundi
     involvement in the golf, tennis and athletics
     events is at the image of the dynamism and
     performance of its teams.

     As for the training, young trainees
     completing their course continued to join
     the Bank in order to test their employability
     capacity and thus prepare their reinsertion
     in the socio-professional life, and ensure
     the supervision of their end of school

20   I.B.B.-2005 Annual Report, 13th Fiscal Year
    2004 - 2005

            I.B.B.-2005 Annual Report, 13th Fiscal Year
 Balance Sheet as on 31.12.2005 as compared with 31.12.2004

                              ASSETS                                 31.12.2004                     31.12.2005

                  1. Available and Realizable 19,972,306,227                                    28,427,991,241

                  ·Cash-Central Bank-CCP                            5,861,722,787                 11,142,478,628
                  ·Banks                                           13,418,942,054                 16,879,268,622
                  ·Call money (lendings)                                        0                              0
                  ·Other short-term assets                            691,641,386                    406,243,991

                  2. Loans and advances                           45,096,781,003                44,051,474,064

                  ·Current account debtors                         29,025,958,523                 32,976,805,725
                  ·Cofee loans                                      3,011,426,306                  1,086,283,429
                  ·Rice loans                                         256,250,000                    323,584,617
                  ·Bills and commitments                           12,813,146,174                  9,664,800,293

                  3. Portfolio                                        269,045,314                                0
                  ·Treasury certificates                               269,045,314                               0
                  4. Sundry assets                                 9,865,482,734                10,910,312,202
                  5. Investments                                      96,303,680                   461,283,680
                  ·Share capital                                           96,303,680                 461,283,680
                  6. Fixed assets                                  7,047,968,309                  6,935,916,551
                  ·Land                                                  183,891,024                   183,891,024
                  ·Premises                                            4,815,353,540                 4,665,378,562
                  ·Equipments and Furniture                            1,992,606,113                 1,995,909,877
                  ·Start-up costs                                         56,117,632                    90,737,088

                  TOTAL ASSETS                                    82,712,867,267                90,786,977,738
                   50 BIF Billion
                              Available            Loans and
                           and Realizable          advances    Portfolio      Sundry assets   Investments Fixed assets
                                                    Balance sheet as 31.12.2004   Balance sheet as 31.12.2005

22   I.B.B.-2005 Annual Report, 13th Fiscal Year
Balance Sheet as on 31.12.2005 as compared with 31.12.2004

            LIABILITIES                        31.12.2004                       31.12.2005

       1.Short-term liabilities                       10.612.714.581

       ·Preferential creditors                 1,580,509,858                    1,876,625,566
       ·Banks                                    510,545,926                    8,223,868,244
       ·Refinancing from the Central Bank        803,803,367                                0
       ·Other short-term liabilities             391,247,634                      512,220,771

       2. Deposits                          64,418,600,134                   61,445,443,181

       ·At sight deposits                    49,573,069,911                   46,254,787,653
       ·Term deposits                        13,300,309,286                   12,053,443,221
       ·Savings accounts                      1,545,220,937                    2,201,212,307
       ·Cash vouchers                                     0                      936,000,000

       3. Sundry liabilities                 7,455,170,908                    9,762,891,050
       4. Capital and reserves               5,705,000,000                    6,698,000,000

       ·Capital                                1,320,000,000                    1,320,000,000
       ·Legal reserve                            132,000,000                      132,000,000
       ·Available reserve                        253,000,000                      296,000,000
       ·General provision for risks            4,000,000,000                    4,950,000,000

       5. Results                            1,847,989,440                    2,267,928,926

       ·Profit carried forward                       942,352                          871,793
       ·Net profit                             1,847,047,088                    2,267,057,133

       TOTAL LIABILITIES                    82,712,867,267                   90,786,977,738

       70    BIF Billion
              Short-term         Deposits       Sundry          Capital
               liabilities                     liabilities    and reserves          Results
                      Balance sheet as 31.12.2004     Balance sheet as 31.12.2005

                                                                             I.B.B.-2005 Annual Report, 13th Fiscal Year
                           Profit and Loss Account as on 31.12.2005

                              DEBIT                          31.12.2004             31.12.2005

              1. Interests paid                            3,151,534,677         2,265,098,835

              2. Staff expenses                            1,291,147,568         1,545,563,982

              3. Other operating expenses                  1,998,195,447         2,625,868,754

              4. Corporate and other taxes                 1,585,475,582         1,699,750,229

              5. Depreciation & Provisions                 2,012,286,411         2,882,827,938

              6. Net income                                1,847,047,088         2,267,057,133

              TOTAL                                       11,885,686,773       13,286,166,871

                              BREAKDOWN OF 2005 EXPENSES PER ITEM

                                                    26%           21%



                          Interests paid
                          Staff expenses                         Corporate and other taxes
                          Other operating expenses               Depreciation & Provisions

24   I.B.B.-2005 Annual Report, 13th Fiscal Year
       Profit and Loss Account as on 31.12.2005

        CREDIT                         31.12.2004                    31.12.2005

1. Interests and commissions on loans 7,618,429,638             7,555,356,226

2. Revenues from operations         3,375,994,386               4,476,527,198

3. Revenues from portfolio             61,417,741                    21,280,343

4. Other revenues                     829,845,008               1,223,003,104

TOTAL                              11,885,686,773            13,286,166,871






Interests and commissions on loans                    Revenues from portfolio
Revenues from operations                              Other revenues

                                                         I.B.B.-2005 Annual Report, 13th Fiscal Year

     The Interbank Burundi consolidation zone includes its Ngozi, Kirundo, Gitega, Muyinga,
     Rumonge, and Makamba agencies which set their own accounting.

           Bif million                                31.12.2005
                                                                           Variation         31.12.2004
                                                                              %                                 %
       TOTAL BALANCE SHEET 90,787.0                                              +9.8 82,712.19                +29.8
       Deposits from customers 61,445.4                                           -4.6         64,418.6         +31.5
       Financial Resources      8,223.9                                       +525.7             1,314.3         -32.8
       Credits to economy                               44,051.5                  -2.3         45,096.8         +24.9
       Fixed Assets                                       6,935.9                 -1.6           7,047.9        +17.7
       Sundry Assets                                    39,799.6                +30.2          30,568.1         +41.4
       Shareholders' Equity                               8,965.9               +18.7            7,553.0        +17.3

       At the end of December 2005, the                                        financial resources, that compensated for
       Interbank Burundi total balance sheet                                   the decrease in the customers' deposits,
       stood at 90,787.0 millions BIF against                                  and to the assets lodged with the banks, the
       82,712.9 millions BIF twelve months                                     main reinvestments comprised of the
       earlier, that is, an increase of 9.8%.                                  for eig n cur ren cy hol din gs and the
                                                                               compulsory reserves.
       This evolution is strongly related to the

      100         % of Total Balance sheet





                   Deposits     Financial                  Credits        Fixed Assets Sundry assets Shareholder’s
                from customers Resources                to economy                                      Equity

                                            Balance sheet as 31.12.2004      Balance sheet as 31.12.2005

26   I.B.B.-2005 Annual Report, 13th Fiscal Year

 BIF million                    31.12.2005 Variation 31.12.2004                           Variation
                                              %                                              %

FROM CLIENTS                    61,445.4                 -4.6       64,418.6                   +31.5

Deposits at sight
and one month at most               56,566.3               -2.0        57,736.3                    +37.7
Deposits for more than
one month                             1,741.9            -66.1          5,137.1                       -7.1
Cash vouchers                           936.0                 -                    -                       -
Savings deposits                      2,201.2            +42.5          1,545.2                    +17.8

The evolution of the customers' resources             by the increasing savings deposits
falls within the general credit policy                (+42.5%).
framework based on the monitoring of the
outstanding loans.                                    All in all, the customers' deposits declined
                                                      by 4.6%, at 61,445.4 millions BIF, while
It is strongly affected by the net decline of         their share to the total balance sheet fell
the deposits for more than one month                  from 77.9% in 2004 to 67.7% on
(-66.1%) which is partially compensated               December 31st, 2005.

                             2005 DEBTS TO CLIENTS

                                        3% 4%


           Deposits at sight and one month at most                Cash vouchers
           Deposits for more than one month                       Savings deposits

                                                                        I.B.B.-2005 Annual Report, 13th Fiscal Year

           Bif million                             31.12.2005
                                                                Variation      31.12.2004
                                                                   %                              %
            TOTAL CREDITS                          44,051.5         -2.3      45,096.8           +24.9
           Import credit                                    -           -           131.9        +855.8
           Degressive overdrafts                     1,377.7      -38.6          2,243.6      +1,436.7
           Credits coffee                            1,086.3      -63.8          3,001.4          +26.4
           Account debtors                           2,187.6      -46.1          4,059.9          +42.3
           Export credit                            32,976.8     +13.6          29,026.0          +15.7
           Other Loans                               6,423.1       -3.2          6,634.0          +17.5

       Coupled with a low credits demand,                         recovery activities, led to a slight decline
       particularly by the coffee sector which                    of 2.3% year to year, at 44,051.5 millions
       funded its 2005/2006 campaign needs                        BIF, as compared to the strong rise
       with its own funds, the firm will of the                   observed in 2004 (+24.9%).
       Bank to control the outstanding debt
       evolution at the benefit of supervision and

       FIXED ASSETS                                               slight decline of 112.0 millions BIF
                                                                  (-1.6%) following a depreciation
       In the absence of significant investments                  allowance of 530.3 millions BIF.
       in 2005, the fixed assets underwent a

28   I.B.B.-2005 Annual Report, 13th Fiscal Year

     Bif million          31.12.2005
                                       Variation   31.12.2004
                                          %                                  %
+ Interest received         7,731.0        +16.3      7,606.9                  +13.7

- Interest paid             2,965.5        -16.2      3,540.4                      -4.5

= MARGIN ON                4,765.5        +17.2     4,066.5                    +36.3

+ Commissions &             5,361.1        +27.4      4,207.8                  +47.7
  other revenues

= OPERATING PROFIT        10,126.6        +22.4     8,274.3                    +41.9

- Personnel Costs           1,664.9        +20.1      1,386.0                  +18.1

- Other operating costs     1,817.8         +7.1      1,697.1                  +20.2

- Depreciation                530.3         +7.6          492.7                   +9.0

= GROSS RESULT             6,113.6        +30.1     4,698.5                    +68.1

- Provisions for risks      2,352.6        +54.8      1,519.6                  +80.6

+ Provision recoveries        194.1      +173.8             70.9                   -2.6

  TAXATION                 3,955.1        +21.7     3,249.8                    +60.4

- Taxes                     1,688.0        +20.3      1,402.8                  +53.2

= NET RESULT               2,267.1        +22.7     1,847.0                    +66.3

                                                    I.B.B.-2005 Annual Report, 13th Fiscal Year
       The Bank Net Product (BNP)                       The evolution of the operating expenses
                                                        translates a controlled increase closely
       The Interbank Burundi’s BNP in 2005 is           related to the strict supervision policy
       10,126.6 millions BIF against 8,274.3            decided upon by the Bank in this field.
       millions one year earlier, that is, an
       increase of 22.4%.                               The staff salaries increased more rapidly
                                                        than the other operating charges due to the
       This dynamics was partly supported by            growth of the staff number (+59 units) and
       the intermediation activity and mainly by        to the increase of the salaries following
       the strong results of the foreign exchange       the promotion measures and the salary
       operations stimulated by an innovative           increment decided upon at the beginning
       marketing policy.                                of 2005.

       The bank net product is subdivided as            The other operating expenses, on the other
       follows:                                         hand, continued the downwards trend
                                                        initiated two years ago, under the coupled
       º            The interests margin represents     effects of a tight monitoring carried out by
                    47.1% of the BNP, against 49.1%     the management and the sustained efforts
                    at the end of December 2004, and    of the general services management
                    stood at 4,765.5M, a rise of        rationalisation by the FUMAP entity.
                    17.2%, mainly due to the notable    They increased only by 7.2% against
                    decrease of the financial           respectively 17.5% and 15.8% in 2004
                    expenditures (-16.2).               and 2003.

       º            The customers' net commissions      The bank net operating ratio (relationship
                    and other revenues, whose share     between the operating expenses and the
                    in BNP is 52.9%, stood at 2,361.1   bank net product) has also continued to
                    millions BIF, an increase of        improve, standing at 39.6% against 43.2%
                    27 .4 %, ma in ly du e to th e      in 2004 and 52.1% in 2003, that is, 12.5
                    International Banking operations    performance points in two years only.
                    whose results amounted to
                    4,575.1 millions BIF, that is,      Provisions for Risks
                    85.3% of the overall commissions
                    and other revenues.                 The cost of the risk amounts to 2,352.6
                                                        millions BIF, an increase of 54.8%. This
       Operating expenses                               rise is the result of a constant policy of
                                                        very prudential provisioning, resulting
       The operating expenses amount to 4,013.0         into a high rate of coverage of the
       millions BIF, against 3,575.8 millions BIF       outstanding doubtful debts, at 90.0%
       in 2004, that is, a 12.2% increase.              against 77.1% in 2004.

       The operating expenses are subdivided
       into staff salaries for 1,664.9 millions BIF
       (+20.1%) and into other operating
       expenses for 2,348.1 millions BIF (+7.2%
       instead of +17.5% in 2004), of which
       530.3 millions BIF for depreciation

30   I.B.B.-2005 Annual Report, 13th Fiscal Year
This policy derives from the Bank will to         tightened in 2003.
pursue the portfolio stabilisation efforts
that have been jeopardized by integral            Net Profit
provisioning of the outstanding debts
without any significant movement, a will          The net profit for the fiscal year amounts
that falls within the Central Bank                to 2,267.1 millions BIF after deducting
regulations on the provisions for doubtful        the profits tax of 1,688.0 millions BIF.
debts whose regulations have been

Ladies and Gentlemen Shareholders,

In conformity with article 52 of the Bank Memorandum and Articles of Association, the
Ordinary General Assembly Meeting is invited to take a decision on the profits allocation
project for the fiscal year.

The net profit amounts to 2,267,928,926 BIF taking into account the profit carried forward of
223,044 BIF.
We propose the following appropriation:
          Legal reserve                        BIF                                  -
          Available reserve                    BIF                                  -
          General provisions for risks         BIF                      1,004,000,000
          Dividend                             BIF                      1,164,705,882
          Director's share                     BIF                         99,000,000
          Carried forward                      BIF                            223,044

          TOTAL                                BIF                 2,267,928,926
                                                  These Directors are re-eligible; they
In conformity with article 18 of the Bank         would like to stand in for re-election, and
Memorandum and Articles of                        they seek your approval.
Association, the term of office of the
following directors:                              If you approve their application, their
                                                  term of office will expire at the end of the
ƒ       Father Gabriel                            2007 Ordinary General Assembly
        BAZIRUWISABIYE                            Meeting.
ƒ       M. Arturo COSTA
ƒ       M. Georges COUCOULIS                      In conclusion, we would once again like to
ƒ       M. Callixte MUTABAZI                      congratulate and thank the Management
ƒ       M. Bonaventure NICIMPAYE                  Committee and all their collaborators for
ƒ       Mrs. Marguerite RUMBETE                   the achieved performances in an
ƒ       SALEX CORPORATION                         environment which is not always easy and
                                                  for their constantly renewed commitment
Expires at the end of the present Assembly        to the development of our Bank.
                                                                       The Board of Directors.
                                                                   I.B.B.-2005 Annual Report, 13th Fiscal Year
                        AUDITORS' REPORT FOR THE 2005 FISCAL YEAR

     I   n accordance with the provisions
         of the decree-law n° 1/017 dated
         October 23rd, 2003, on the Banks
     and Financial Institutions
     regulations, we have the honour of
                                                                   are in conformity with the balance of
                                                                   the trial balance. We assure the
                                                                   General Assembly that the assets
                                                                   effectively exceeds the minimum
                                                                   own equity provided for by article 2,
     presenting to you the report on the                           by the liabilities of the Bank towards
     implementation of our supervision                             third parties.
     mandate as auditors for the fiscal
     year 2005.                                                    In conclusion to our works and in
                                                                   conformity with the decree-law n°
     Our control was carried out in                                1/017 dated October 23rd, 2003, we
     conformity with the recognized                                can certify that the annual
     international financial audit                                 INTERBANK accounts for the fiscal
     standards and included the control of                         year 2005 show a total balance sheet
     the documents and other accounting                            of 90, 786 ,97 7,7 38 BIF (ni net y
     books.                                                        billions seven hundred and eighty six
                                                                   millions nine hundred and seventy
     We carried out up to December 31st,                           seven thousands and seven hundred
     2005, audit tests and reconciliation                          and thirty eight francs) and a net
     tests and did the usual inventory                             profit of 2,267,057,133 BIF (two
     control. Our findings are in                                  billions two hundred and sixty seven
     conformity with the figures of the                            millions fifty seven thousands and
     Accountancy.                                                  one hundred and thirty three francs)
                                                                   and that the Balance Sheet, the Profit
     According to the general norms of                             and Loss Accounts presented to you
     the audit, we checked the Assets and                          for approval correctly reflect the
     Liabilities accounts, the profit and                          financial situation of the IBB on
     loss accounts for the year ended on                           December 31st, 2005.
     December 31st, 2005. These accounts

                                                   Bujumbura, January 20th, 2006

                                                           The Auditors

                                                         DEM CONSULT

                    Léon MWEBEYA                                          Déo BANDEREMBAKO

32   I.B.B.-2005 Annual Report, 13th Fiscal Year
10 th FEBRUARY 2006

                I.B.B.-2005 Annual Report, 13th Fiscal Year
      Resolutions of the February 10 th 2006 Ordinary General Meeting

     First resolution:                                             - M. Callixte MUTABAZI
                                                                   - SALEX CORPORATION
     The General Assembly, after listening to the                  for a one year term ending at the 2007
     Board of Directors and the Auditors reports                   Ordi nary Gene ral Asse mbly Meet ing
     for the fiscal year 2005, approves these                      which will approve the 2006 fiscal year
     reports.                                                      accounts.

     Second resolution:                                            Sixth resolution:

     The General Assembly approves the                             In accordance with the article 19 of the
     INTERBANK BURUNDI S.A. balance                                statutes of the Bank, the Ordinary General
     sheet and the profit and loss accounts for the                Assembly definitely elect Mr Bertrand
     fiscal year ending on December 31 , 2005.                     VIDAL to the vacancy of the Administrator
                                                                   representing Salex Corporation.
     Third resolution:
                                                                   Seventh resolution:
     The Ordinary General Assembly approves
     the allocation of the profit balance such as                  With the enforcement of the article 28 of the
     submitted to it:                                              statutes of the Bank, the Ordinary General
                                                                   Assembly decides to raise the
     * Legal reserves                                         -    Administrators' fees from BIF 50,000 to
     * Available reserves                                     -    BIF 100,000.
     * General provisions
       for risks                                   1,004,000,000   Eighth resolution:
     * Dividends                                   1,164,705,882
     * Directors' fees                                99,000,000
                                                                   By the enforcement of the article 48 of the
     * Carried forward                                  223,044
                                                                   statutes of the Bank and taking into account
                                                                   of the Central Bank new requirements with
     Fourth resolution:
                                                                   respect to monitoring and control of
                                                                   accounts, the Ordinary General Assembly
     The Ordinary General Assembly gives final
                                                                   decides to raise the fees of the two
     discharge to the members of the Board of
                                                                   accounting auditors from BIF 600,000 to
     Directors for their management during the
                                                                   BIF 6,000,000 per year for each one.
     fiscal year 2005.

     Fifth resolution:

     In accordance with article 18 of the Bank
     Memorandum and Articles of Association,
     the Ordinary General Assembly Meeting
     appoints the following Directors:

     - Mrs. Marguerite RUMBETE
     - M. Georges COUCOULIS
     - Father Gabriel BAZIRUWISABIYE
     - M. Costa ARTURO
     - M. Bonaventure NICIMPAYE
34   I.B.B.-2005 Annual Report, 13th Fiscal Year

                     I.B.B.-2005 Annual Report, 13th Fiscal Year
                                                               OUR DISTRIBUTION NETWORK

                          Head Office :                                                                15, Avenue de l'Industrie
                                                                                                       Tel. : (257) 22 06 29
                          BUJUMBURA                                                                    Fax : (257) 22 04 61
                                                                                                       E-mail :
                          CENTRE                                                                       Web Site :

                                                 Quartier Asiatique                    Place de l'Indépendance              Port Counter
                                                 Avenue NTAHANGWA                      Avenue du Commerce                   Avenue de la Tanzanie
                                                 Tel. : (257) 22 06 29                 Tel. : (257) 22 06 29                Tel. : (257) 22 06 29
                           BRANCHES & COUNTERS

                                                 Fax : (257) 21 00 35                  Fax : (257) 24 29 49                 Fax : (257) 24 43 57
                                                 E-mail :   E-mail :        E-mail :

                                                 Buyenzi Counter                       Marché Central de Bujumbura          Airport Counter
                                                 20ème Avenue n°1                      Avenue de la Croix-Rouge             Tel. : (257) 22 06 29

                                                 Tel. : (257) 22 06 29                 Tel. : (257) 24 12 75 / 22 06 29
                                                 Fax : (257) 21 00 33                  Fax : (257) 24 17 76
                                                 E-mail :     E-mail :

                                                 BRARUDI Counter                       Jabe Counter                         Novotel Counter
                                                 Boulevard du 1er Novembre             Avenue de la Jeunesse                Boulevard du Peuple Murundi
                                                 Tel. : (257) 21 09 41                 Tel. : (257) 22 06 29                Tel. : (257) 22 06 29
                                                                                       Fax : (257) 24 48 07
                                                                                       E-mail :

                                                 Building Administratif Counter        Implantation du Blvd de l’Uprona     ONUB Counter
                                                 Tel.: (257) 22 06 29                  Boulevard de l’Uprona                Chaussée d’Uvira
                                                                                       Tel : (257) 22 09 75                 ONUB Headquarters
                                                 Meridien Source du Nil Counter        Fax : (257) 25 10 91
                                                 Avenue Nicolas Mayugi                 E-mail :                             Kamenge Counter
                                                 Tel (257) 25 03 57                      Tel. : (257) 23 97 66
                           BRANCHES & COUNTERS

                                                   GITEGA :                                                       MUYINGA :
                                                   Gitega (Centre)                                                Muyinga (Centre)
                                                   Tel.: (257) 040 32 66                                          Tel. : (257) 030 67 63
                                                   Fax : (257) 040 32 68                                          Fax : (257) 030 67 68
                                                   E-mail :                               E-mail :

                                                   NGOZI :                                                        RUMONGE COUNTER:
                                                   Ngozi (Centre)                                                 In front of the City Market
                                                   Tel. : (257) 030 23 24                                         Tel. : (257) 050 40 12
                                                   Fax : (257) 030 23 34                                          E-mail :
                                                   E-mail :

                                                   KIRUNDO :                                                      MAKAMBA COUNTER:
                                                   Kirundo (Centre)                                               In front of the City Market
                                                   Tel. : (257) 030 46 33                                         Tel. : (257) 050 40 12
                                                   E-mail :                              E-mail :

36   I.B.B.-2005 Annual Report, 13th Fiscal Year

     B 1050 BRUXELLES
     Web Site :

     111 WALL STREET
     NEW YORK 10043
     Web Site :

     Web Site :

     Web Site :

     2-1080 BRUXELLES
     Web Site :

                                          I.B.B.-2005 Annual Report, 13th Fiscal Year
          The 10 thFebruary 2006 Ordinary General meeting ....

                                                               .... followed by the official Inauguration
               of the new Ngagara-kamenge Counter by Mr. Dieudonné Ngowembona, Minister of Finances

38   I.B.B.-2005 Annual Report, 13th Fiscal Year

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