LuxFLAG granted its microfinance label to the US-based Access Africa Fund, which invests in microfinance projects in sub-Saharan Africa and was founded by the charity CARE USA, Daniel Dax (photo), the group’s general manager, said in a press statement.

The agency also certified Fonds Européen de Financement Solidaire, which similarly focuses on the sub-Saharan region and was founded by the French NGO SIDI.

The label “assists capital raising by microfinance funds by reassuring investors that the microfinance investment vehicles really invests the majority of its assets in the microfinance sector in a responsible manner,” LuxFLAG said.

The organisation reports that to-date it has certified 24 microfinance investment vehicles, representing more than US$3.4 billion in assets under management.

Luxembourg has a burgeoning social investment segment. Last year, four of the top five performers among large European SRI funds were domiciled in the Grand Duchy, according to research firm Lipper.