The audited annual report as at 31st March is now available!
The Luxembourg Microfinance and Development Fund has published its annual report and audited financial statements for the year ending on 31st March 2016.
This year has proved to be very productive for the LMDF. The Fund’s geographical remit has increased and we now work with 39 microfinance institutions in 20 countries, supporting over 31,000 micro-entrepreneurs. Over the course of the year, we started to work with 12 new microfinance institutions and renewed our investments in 5 others. Following these investments, the Fund has been able to meet its aim of being fully invested. The Fund continues to work in countries where the need is highest and LMDF is pleased to have started working in Haiti, East Timor, the Ivory Coast and Indonesia, in keeping with the Fund’s mission of working with the most financially excluded populations.
Despite the challenges facing the microfinance market, LMDF has made good progress towards its financial goals and has achieved financial returns for the share classes of 2.3% (Class A), 2.8% (Class B) and 1.7% (Class C). These are above average returns for the sector and compare favourably to the current low interest rate environment.
LMDF has also launched a new marketing campaign: #InvestDifferently. This focuses on the different ways we can look at investments in microfinance and social performance. The fund held its first conference in this campaign, Invest Differently: The Women Effect, Investing with a Gender Lens. We are now planning to hold a range of events under this banner; these will consider how investments can be used to promote change and development and drive non-financial returns.