Banro Reaches Agreement With DRC

December 21st, 2001

Toronto, Ontario — December 21, 2001 — Banro Corporation (the “Company”) (CDNX-YBE) is pleased to report that it has reached an agreement for the return of the Company’s assets in the Democratic Republic of the Congo (the “DRC”).

An inter-ministerial commission including representatives from Banro has concluded negotiations and recommended for signature the terms of the final settlement agreement. Ministerial signatures and implementing Presidential Decrees are expected to follow shortly.

Accordingly, the application to the U.S. Federal Court for summary judgment against the DRC will be stayed until January 31, 2002.

For further information contact:
Arnold T. Kondrat
Executive Vice President
Cliff Jones
Investor Relations
Tel: (416) 366-2221
Fax: (416) 366-7722