Ministerial visit to the House of Microfinance

On May 2, 2022, the Minister of Cooperation and Humanitarian Affairs Franz Fayo and the Minister of Finance Yuriko Bakes visited the Maison de la microfinance in Luxembourg. The House of Microfinance contains 8 entities and institutions of microfinance and inclusive financing, namely the NGO Support for Autonomous Development (ADA), the European Microfinance Platform (e-MFP), the Luxembourg Inclusive Finance Network (InFine.lu), investments Investing for Development (iForD ), the Microinsurance Network (MiN), the Microlux Microfinance Institution, the Social Efficiency Working Group (SPTF) and the Financial Inclusion Alliance (AFI).

  1. (from left to right) Yuriko Bakes, Minister of Finance;  Franz Fayot, Minister for Cooperation and Humanitarian Affairs

    (from left to right) Yuriko Bakes, Minister of Finance; Franz Fayot, Minister for Cooperation and Humanitarian Affairs

  2.     (left to right) Christoph Pausch, e-MFP;  Anne Contreras, e-MFP;  Yuriko Bakes, Minister of Finance;  Franz Fayot, Minister for Cooperation and Humanitarian Affairs

    (left to right) Christoph Pausch, e-MFP; Anne Contreras, e-MFP; Yuriko Bakes, Minister of Finance; Franz Fayot, Minister for Cooperation and Humanitarian Affairs

  3. (left to right) Jürgen Hammer, Social Efficiency Working Group (SPTF);  Yuriko Bakes, Minister of Finance;  Franz Fayot, Minister for Cooperation and Humanitarian Affairs

    (left to right) Jürgen Hammer, Social Efficiency Working Group (SPTF); Yuriko Bakes, Minister of Finance; Franz Fayot, Minister for Cooperation and Humanitarian Affairs

  4. Jürgen Hammer, Social Efficiency Working Group (SPTF)

    Jürgen Hammer, Social Efficiency Working Group (SPTF)

  5. Christoph Pausch, e-MFP

    Christoph Pausch, e-MFP

  6. Samuel Paulus, Microlux

    Samuel Paulus, Microlux

  7. Katherine Pulvermacher, Microinsurance Network (MiN)

    Katherine Pulvermacher, Microinsurance Network (MiN)

  8. Caspar Wansleben, Investing in Development (iForD)

    Caspar Wansleben, Investing in Development (iForD)

  9. Laura Fochi, NGO Supporting Autonomous Development (ADA)

    Laura Fochi, NGO Supporting Autonomous Development (ADA)

  10. Yuriko Bakes, Minister of Finance

    Yuriko Bakes, Minister of Finance

  11. Franz Fayot, Minister for Cooperation and Humanitarian Affairs

    Franz Fayot, Minister for Cooperation and Humanitarian Affairs

  12. Michelle McIl, Infine.lu

    Michelle McIl, Infine.lu

  13. Ilya Sverdlov, Alliance for Financial Inclusion (AFI)

    Ilya Sverdlov, Alliance for Financial Inclusion (AFI)

Luxembourg, through the Office for Development and Humanitarian Affairs of the Ministry of Foreign and European Affairs and the Ministry of Finance, actively supports the development of inclusive funding as an appropriate tool to help reduce and, in the long run, eradicate extreme poverty. through sustainable economic, social and environmental development. Luxembourg has thus become an important player in this field and remains firmly committed to the support of non-governmental organizations and institutions in this sector.

The visit to the Microfinance Maison on 2 May 2022 was an opportunity for Ministers Fayo and Bakes to meet with officials involved in this field and to restore Luxembourg’s political and financial commitment to microfinance and inclusive financing.

Eight organizations presented their goals and activities planned for this year, such as the celebration of the 20th anniversary of the Microinsurance Network, the face-to-face return of the Midis de la microfinance et de l’inclusion financière, organized in Luxembourg by the ADA with the support of InFiNe .lu and with the participation of Minister Fayo in the first session. European Microfinance Week will take place from 16 to 18 November 2022 in Luxembourg and will end on 17 November with the European Microfinance Award on “Financial Inclusion for Women”.

The visit ended with the signing of a new agreement with e-MFP for a multi-year commitment from 2022 to 2026, as well as the signing of an extension of the agreement with the working group on social efficiency of the institution (SPTF) for one year. 2022.

Since its inception in 2006, e-MFP has grown to more than 130 members from across the field of affordability. More than ever, Luxembourg has played an important role in the development of inclusive financing as a key tool for poverty eradication and the promotion of human development by increasing low-income access to quality financial services. With the support and commitment of the Luxembourg government, e-MFP is recognized as a leading player in the European Affordability Area, offering valuable opportunities for communication and leadership in thought for members and the sector as a whole. The new agreement with the Government of Luxembourg for the period 2022-2026 guarantees the necessary financial support for the implementation of the new e-MFP strategic plan.

The SPTF, established in 2005, aims to promote a responsible and transparent financial services sector. It has developed and promoted standards and best practices in the field of responsible inclusive financing. Its tools for managing social indicators are used by organizations and enterprises to identify, measure and monitor their social goals and to put customers at the center of their attention.

The initial agreement of December 21, 2018 expired in December 2021, this one-year extension will allow an external evaluation to determine the framework for future cooperation between the SPTF and the Ministry of Finance and the Department of Development Cooperation and Humanitarian Action of the Ministry of Foreign and European Affairs.

Minister for Cooperation and Humanitarian Affairs Franz Fayo emphasized: “Over the last two decades, the Luxembourg Cooperative has actively supported the development of inclusive financing as a tool to promote sustainable development and eradicate poverty. Today, Luxembourg has become a leading international player. in this area with a diverse ecosystem, and we remain firmly committed to the support of our partners working in this sector. ”

Finance Minister Yuriko Bakes said: “Thanks to the cooperation of all players in the financial market, Luxembourg has developed an excellent experience in the field of microfinance. Today, more than 50% of all global microfinance assets are registered in Luxembourg. To continue this momentum, strong partnerships with loyal players are very important. ” She added: “Digitalisation is one of the key to the success of inclusive financing. It allows us to offer new products and services that meet the needs of the most disadvantaged. More digital and innovative microfinance also directly contributes to “empowerment”. women by influencing their decision-making power. “

Reported by the Ministry of Finance / Office for Development and Humanitarian Affairs