First European office of financial inclusion body opens

Luxembourg Times | Oct 5, 2020 at 2:30 PM
  • Luxembourg on Monday opened the first European office of a body pushing to give poor and underpriviliged people in developing countries access to banking services, as the country pushes for a leading role in that niche area of development aid.
  • Finance Minister Pierre Gramegna officially opened an office of the Alliance for Financial Inclusion (AFI) on Monday, the first in Europe for the organisation, which groups together central banks, finance ministries and regulators from around one hundred emerging economies.
  • The Grand Duchy has been promoting microfinance – in which banks provide very small loans to farmers, artisans and small businesses in poorer countries – since the 1990s, trying to carve itself out a new role in financial services.