July 5th – Ordinary General Meeting

Raymond Schadeck new designated chairman of the Investing for Development SICAV (and its two Sub-Funds LMDF and FCCF). Minister of Finance Pierre Gramegna thanks Kenneth Hay for his successful leadership during the last five years.

 

The Shareholders of the Investing for Development SICAV and its two sub-funds, the Luxembourg Microfinance and Development Fund (LMDF) and the Forestry and Climate Change Fund (FCCF) held the General Meeting of Shareholders on Thursday, 5 July at the Maison de la Microfinance.

The shareholders appointed four new directors to the Board, including Raymond Schadeck as designated chairman. Kenneth Hay did not seek a new mandate after a very successful tenor started mid-2013. During his mandate, Luxembourg Microfinance and Development Fund (LMDF) saw its net assets more than double from EUR 14.4 million to EUR 31.2 million, a significant expansion of Luxembourg based individuals investing in LMDF (who account for 30% of the total Fund today) and the successful launch of the Forestry and Climate Change Fund (FCCF).

Claude Faber, deputy director of the Development Cooperation and Humanitarian Affairs Department of the Ministry of Foreign Affairs joins the Board alongside Monica Tiuba and Natacha Oskian, two independent directors.

 

Launch of the Forestry and Climate Change Fund (FCCF)

FCCF, launched in October 2017, is a pioneering impact fund investing in sustainable management of secondary & degraded tropical forests to generate economic, ecological and social value and contributes to healthy landscapes, climate change mitigation & adaptation and local economic development. FCCF made its first investment in the Simplemente Madera Marketplace SA company in Nicaragua in April 2018. FCCF starts with commitments for USD 15 million from the Luxembourg fonds climate et énergie, the Ministry of Finance, the Banque et Caisse d’Epargne de l’Etat (BCEE), the Banque Internationale à Luxembourg (BIL) and the Foyer Group.

 

 

Documents: Annual Audited Report  ///   Press Release