The board of directors of the microfinance institution during its last meeting appointed Anne Contreras-Muller--“of counsel” at Arendt & Medernach--as chairwoman.

She succeeds Rémy Jacob, first president of Microlux and former director general at the European Investment Bank (EIB). Under his tenure, which spanned the first five years of Microlux’s existence, the microfinance institution supported 150 entrepreneurs and contributed to the creation of 180 jobs.

“Under his presidency, Microlux found its place in the Luxembourg ecosystem with increased notoriety and a social impact recognised by its beneficiaries and partners,” a press release said.

As "of counsel" at Arendt & Medernach, Contreras-Muller heads a team dedicated exclusively to inclusive and impact finance. A member of the Luxembourg bar, she is also involved in several local and international initiatives around impact finance such as European Microfinance Platform, European Impact Investing Luxembourg, the European Social Enterprise Law Association and Infine (the Inclusive Finance Network).

“Her expertise and experiences will help Microlux carry out its social enterprise missions, between the quest for financial autonomy and the goal of social impact,” said Microlux.

The first microfinance institution in Luxembourg, Microlux was created in 2016 on the initiative of its four founding members: BGL BNP Paribas, Ada (Appui au développement autonome), Adie (Association pour le droit à l’initiative économique) and the European Investment Fund. The Foyer insurance group entered the capital of Microlux in 2018.

The organisation is a non-profit social enterprise with the mission of social and economic inclusion of people who do not have access to traditional bank credit. Its main activity consists of providing microcredits to finance project leaders who wish to create or develop a business. The aim is to improve their professional development and their living conditions.

This story was first published in French on Paperjam. It has been translated and edited for Delano.