What we do
Institutional investors
Equity products
AI Co-Investment Facility
Cleantech Co-Investment Facility
Impact investing at the EIF
Climate & Infrastructure Funds
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Normandie Garantie Agri
FAIRE - La Réunion
Auvergne Rhône-Alpes FEADER
Recovery Equity Fund of Funds of Bulgaria
Fons d’Inversió en Tecnologia Avançada (FITA) Catalonia
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Central and Eastern European Technology Transfer (CEETT)
Croatian Growth Investment Programme (CROGIP) II
Croatian Growth Investment Programme (CROGIP)
Croatian Venture Capital Initiative 2 (CVCi 2)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
The Cyprus Entrepreneurship Fund (CYPEF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
EU4Business Capped Guarantee
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
The German Future Fund (GFF) - EIF Growth Facility
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
Call for Expression of Interest for FOSTER II
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
Romania Recovery Equity Fund of Funds
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund 1 (LFF)
Luxembourg Future Fund 2
Mezzanine 'Fund of Fund' for Germany (MDD)
NEOTEC resources
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece
Irish Innovation Seed Fund (IISF)
RRF Czech Republic Fund of Funds

Thanks to the European EaSI programme, the EIF is investing in microlux to support inclusive and solidarity-based microfinance in Luxembourg

    Date: 27 September 2019

Pour ce communiqué de presse en Français, cliquer ici

  • On 26 September, the EIF signed an agreement to acquire a EUR 500 000 stake in microlux.
  • The operation was made possible thanks to the EU Programme for Employment and Social Innovation (EaSI) implemented by the EIF
  • The aim is to increase microlux’s ability to take action and support the institution’s growth trajectory

Access to credit for microentrepreneurs without access to the traditional banking system will be boosted considerably in Luxembourg following the acquisition by the EIF of a stake in microlux. The country’s leading microcredit institution, which in three years of activity has already helped create 80 jobs, will be able to boost its firepower and thus expand its inclusive role in the economic and social fabric of Luxembourg and the Greater Region.

On 26 September 2019, Rémy Jacob, President of microlux, and Roger Havenith, Deputy Chief Executive of the European Investment Fund, signed an agreement confirming the acquisition by the EIF of a EUR 500 000 stake in the Grand Duchy's leading microcredit institution. The official signing ceremony took place at the EIB's headquarters in Luxembourg, which provided the opportunity to hold a conference on the social impact of local action in Luxembourg aimed at the country’s economic and civil society players.

Financial and social inclusion is a major challenge for the European Union and one of the goals of its EUROPE 2020 strategy. Microfinance has shown that in Europe too it is an effective tool that helps to create jobs, improve living conditions, and reduce vulnerability and poverty, thereby helping microentrepreneurs and their beneficiaries break free from social and economic shackles.

Rémy Jacob, President of microlux said: “We live in an environment where essential goods are available. However, in order to make these goods available to everyone, basic economic and financial means are necessary. With this EIF investment, microlux and its volunteers will be able to support a larger number of microentrepreneurs, offering them more microloans and a better future.”

Roger Havenith, Deputy Chief Executive of the EIF, said at the signing ceremony: “The EIF is proud to be able to strengthen its initial partnership with microlux and provide it with additional resources. We are also pleased to be able to implement the EaSI Capacity Building Investments programme in the Grand Duchy of Luxembourg. The EU Programme for Employment and Social Innovation enhances microlux’s ability to support microentrepreneurs having difficulty accessing traditional bank loans in Luxembourg and across the Greater Region.”

Supporting small economic players is part of the European Investment Fund's DNA. It uses various types of financial instruments – debt or equity instruments – and also provides non-financial support to achieve its inclusive finance goals. When microlux was set up in 2016, the EIF provided Luxembourg’s microfinance pioneer with a guarantee under EaSI that partly covered its credit risks.

The Programme for Employment and Social Innovation, financed by the European Union, enables financial intermediaries to obtain the necessary capital to launch their microentrepreneurship and social entrepreneurship activities. Through the EaSI Capacity Building Investments Window, the EIF, which was entrusted with its implementation by the European Commission, has already deployed EUR 14m worth of capital via six partners in Europe and is currently appraising 11 applications.

Through the EaSI Guarantee Window, EUR 234.4m worth of portfolio guarantees have been allocated to around 100 financial institutions in the 28 EU Member States and some neighbouring countries that have participated in the programme since 2015. These guarantees will help mobilise EUR 2.7bn in financing for European micro-enterprises and social enterprises. To date, nearly 60 000 enterprises have benefited from the EaSI Guarantee and have thus been able to access finance through professional channels more easily.

About microlux

Microlux is Luxembourg's leading microcredit institution. It promotes the creation and development of enterprises in Luxembourg that do not have access to the traditional banking system by providing assistance and microloans of up to EUR 25 000. The institution was established in March 2016 as a not-for-profit social enterprise. The initial shareholders, joined today by the European Investment Fund, are BGL BNP Paribas, the NGO ADA (Appui au Développement Autonome), ADIE (Association pour le droit à l’initiative économique) and Foyer, which in 2018 stepped up its original partnership with microlux by acquiring a stake in the institution.

In three years of activity, microlux has found its niche market in Luxembourg: 400 meetings have taken place with prospective microcredit customers, around 150 microentrepreneurs have been supported by its network of volunteer coaches and 80 microloans have been disbursed with an average value of EUR 14 000. These microloans have led to the creation of 58 companies and some 80 jobs.

About the EIF

The European Investment Fund is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments, which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

About the EU Programme for Employment and Social Innovation (EaSI)

Under the European Programme for Employment and Social Innovation (EaSI), the European Commission supports microfinance and social entrepreneurship finance with an overall envelope of EUR 193m for the 2014-2020 period. The aim is to increase access to microfinance, i.e. loans of up to EUR 25 000, in particular for vulnerable persons and micro-enterprises. In addition, for the first time, the European Commission is also supporting social enterprises through investments of up to EUR 500 000.

The EaSI Capacity Building Investments Window reinforces the capacity of selected financial intermediaries in the areas of microfinance and social enterprise finance. Through equity or quasi equity (such as seed financing, risk capital), the European Investment Fund (EIF) will support the development of these finance providers. Ultimately, these investments will benefit and help increase the opportunities for micro-borrowers and social enterprises. The European Commission has selected the EIF to implement the EaSI Capacity Building.

Press contacts

For the EIB Group (EIB and EIF)

Sabine Parisse
tel. +352 4379 83340
mobile: +352 621 459 159

Website: https://www.eif.org/news_centre/press_releases/index.htm

Press Desk:
+352 4379 21000

For microlux

Anh-Quyen NGO-LI
tel.: +352 45 68 68 76
mobile: +352 671 022 450
Website: www.microlux.lu


We use cookies to give the best browser experience on our website. or change cookie settings.

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


Copyright ©

 European Investment Fund   – The European Investment Fund is not responsible for the content of external internet sites.