microlux, the first non-bank microfinance institution in Luxembourg, was officially launched on Wednesday with the support of the EIB Group and in the presence of the Grand Duchess of Luxembourg.

Operational since June last year, microlux is a joint venture of BGL BNP Paribas, ADA (Association for Development Support), ADIE (French Association for the Right to Economic Initiative) and the EIF (European Investment Fund). It provides small loans (up to EUR 25,000) to borrowers who often experience difficulties accessing finance, including vulnerable communities such as refugees and other financially-excluded individuals. It also offers coaching, supervision and training through a team of trained volunteers. Sixty potential clients have been identified and 11 microcredits have been granted.

The President of microlux is Rémy Jacob, a former Dean of the EIB Institute.

Photos: Olivier Minaire