Grand Duchess of Luxembourg Addresses CGAP Meeting

Grand Duchess of Luxembourg Addresses CGAP Meeting on Financial Inclusion

LUXEMBOURG, May 10, 2016 – Her Royal Highness the Grand Duchess of Luxembourg addressed the opening of the annual meeting of the Consultative Group to Assist the Poor (CGAP), a multi-donor organization that focuses on advancing financial inclusion through research and partnerships.

Her Royal Highness said, “The arrival of new actors in the microfinance sector, such as telephone operators that offer mobile phone based services, offers new hope to the poorest populations and removes obstacles that were formerly unsurmountable.” She added, “The question of providing access to credit and microfinance for the thousands of refugees who have fled combat zones and are now sheltering in Europe is a theme that merits reflection."

The theme of CGAP’s annual meeting, which is held at Luxembourg’s Chamber of Commerce from May 10-11, is “Financial Inclusion for Development”. Participants are examining global trends in financial inclusion, innovations that help excluded and marginalized people get access to the financial services they need, and the impact of the digital age on microfinance institutions.

CGAP CEO Greta Bull thanked the Luxembourg government for hosting CGAP’s meeting and extended her deep appreciation to Her Royal Highness for opening the event. She said, “More than two billion people still lack access to formal financial services such as bank accounts, savings and loans that many of us take for granted. CGAP, with the support of partners such as Luxembourg, is seeking to extend access to the financial tools people need to improve their lives and help move them out of poverty.”

Her Royal Highness the Grand Duchess is a longtime advocate for microfinance, exemplified by her role as a High Patron of the ADA and honorary chairperson of the LUXFLAG Microfinance Label. She has been a stalwart supporter of women and girls’ issues and the role and impact of microfinance on this important group of people.

The meeting brings together CGAP’s Council of Governors, CGAP’s highest governing body which is responsible for setting CGAP’s broad policies and strategic direction. CGAP’s members include bilateral and multilateral development agencies, regional development banks, development finance institutions and private foundations.

About CGAP

CGAP is an independent think tank that works to empower poor people to capture opportunities and build resilience through financial services. We test, learn and develop innovative solutions through practical research and active engagement with our partners on building responsible and inclusive financial systems that help move people out of poverty, protect their gains and advance global development goals. Housed at the World Bank, CGAP is supported by over 30 leading development organizations committed to making financial services meet the needs of poor people.