LuxFLAG awards new “Environment Fund” label to three funds
LuxFLAG has gained wide recognition over the last five years for its Microfinance Fund label. Often compared to a “woolmark”, the label helps raise capital by giving confidence to investors.
At a press conference on 15 December 2011, LuxFLAG announced that it has granted three investment funds its new Environment Fund label. Funds granted this label must invest 75% of their assets in environment-related sectors. The label, which was launched in June 2011, is available to qualifying funds irrespective of their domicile.
Marie-Josée Jacobs, Luxembourg Minister of Cooperation and Humanitarian Action, pointed out that Luxembourg continues to donate over 1% of GDP to development aid. The Government is a founding shareholder in LuxFLAG.
Plutorchas Sakellaris, Vice President of the European Investment Bank, announced that the EIB had recently become a Charter Member of LuxFLAG. This decision, he explained, reflected the strong relationship of the EIB with the Luxembourg Government: EIB is member of the Luxembourg Microfinance platform, has hosted the last two Microfinance Awards and works closely with the Luxembourg Government on technical assistance programmes and capacity building. Six EIB microfinance investment vehicles (MIVs) have the LuxFLAG label and the EIB is associated in one of new Environment funds.
During the course of the press conference, it was announced that three new MIVs have been granted the LuxFLAG Microfinance label, bringing the total to 22 with comined AUM of USD 3.35bn.