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).
A successful year 2017/18 for LMDF
LMDF’s financial year ended on March 31, 2018 was characterised by an increase in investment activities: 47 MFIs are now financed in 22 different countries. These investments allowed to achieve greater global coverage with 52% of investments realised in Latin America, 20% in Africa, 23% in Asia and 5% in developed countries. 38,899 is the number of micro-entrepreneurs financed by the fund of whom 82% are women.
On the financial side, a significant improvement has been noticed. The total NAV amounted to EUR 31.2 million compared to EUR 27.3 million last year. The twelve-month return is as follows: 2.2% for Class B; 1.4% for Class C constituting an attractive stable return in a low interest rate environment.