CAMOFI was founded in 1977 as a state-controlled development bank with equity capital of 200 million BIF.
[3] Grégoire Banyiyezako, an economist by training, was Director-General of CAMOFI from September 1995 until November 1996.
[4] Antoine Nduwayo, an ethnic Tutsi, who was Prime Minister of Burundi from February 1995 to July 1996, became Director-General of CAMOFI.
[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.