ADA is launching Microlux, the very first microfinance institution in Luxembourg and the Greater Region. The NGO, which specialises in the provision of microfinance to countries in the south, has joined forces with BGL BNP Paribas and ADIE International (a right to economic initiative Association which operates as a microfinance institution in both France and Europe). The project is supported by the European Investment Bank (EIB).
The aims of Microlux are to:
- Support the creation or development of activities undertaken by individual clients or social enterprises who do not have access to the traditional banking system.
- Finance these activities, particularly through the provision of micro-credits or credits to social entrepreneurship and then to develop services related to inclusive finance (such as micro-insurance).
The project’s objective is to contribute to the efforts made to improve their clients’ income and quality of life. In order to achieve these objectives, Microlux will provide:
- Coaching, mentoring and training provided by volunteers
- Micro-credits of an average amount of 8,500 EURO
- A loan called “micro +” for activities which have already begun (of an average amount of 15,000 EURO)
- A social entrepreneurship loan (of an average amount of 20,000 EURO).
Microlux will begin these activities in June 2016 and the first forms of support will be provided in September/October 2016. Rémy Jacob, vice president of ADA, will chair the board.
The activities of Microlux have been authorised by the CSSF and the Ministry for the Economy. It was legally established in the form of a public limited liability on 31 March 2016, although making a profit is not its prime purpose.
Microlux would like to thank Allen & Overy for a very efficient pro bono legal support all along the start up process.
And thank you to the many volunteers who stand ready to help us and our future beneficiaries.