The Ministry of Foreign Affairs, Directorate for Development Cooperation and the Ministry of Finance of the Grand Duchy of Luxembourg have both taken the lead on financial issues in the area of development. Increased access to financial services for the poor, with specific target populations living in suburban and rural sectors, will contribute to the accomplishment of two Millennium Development Goals; those of poverty alleviation and gender equity. This streamlined direction provides support at three levels: policy guidance, regulation, and capacity strengthening of the organisations involved, through projects both locally and abroad.
The LRTM stands as a key player, facilitating the dialogue on microfinance issues amongst the private and public sector. Experiences its members acquire while implementing projects in development countries are shared, and contribute to the feasibility of state microfinance policies. As the LRTM evolves, new challenges on the vision of the sector emerge from the outside, and closer, from the local public.
In 2009 a strategic reference document was reviewed by the Ministry of Foreign Affairs, Directorate for Development Cooperation for the microfinance sector, in order to promote awareness of key-issue areas. It looked at past, current and anticipated initiatives and also defined Luxembourg’s cooperation goals in the mid- and long-term. Microfinance stands as a vehicle to alleviate poverty and reduce gender inequities. Such guidelines serve to trace a roadmap for the local actors. Sector strategies are now also being drafted for transversal sectors.
PROMOTING INCLUSIVE FINANCIAL SECTORS IN THE WEST AFRICAN ECONOMIC AND MONETARY UNION (WAEMU/ UEMOA) ZONE
A partnership between the UEMOA – Central Bank of West African States (BCEAO) and the Luxembourg Cooperation
The idea of programme AFR/017 results from the exchanges between the government of the Grand Duchy of Luxembourg and the authorities of the West African Economic and Monetary Union (UEMOA). WAEMUs’ authorities have expressed the need to strengthen the microfinance sector in the sub-region as an integral part of implementing the Regional Economic Programme (REP).
To find out more about programme AFR/017: presentation, brochure, mission in Senegal