|Luxembourg to initiate Microfinance Projects|
Luxembourg Government to initiate Microfinance Projects in the Philippines
18 December 2009 - Luxembourg will undertake two microfinance projects in the Philippines to support the government's efforts to alleviate poverty and pursue development programs that would highly impact on poor Filipino households and microenterprises in the Philippines.
This was the result of the farewell meeting of Philippine Ambassador to Belgium, Luxembourg and the European Communities, Her Excellency Cristina G. Ortega, with the Secretary General of the Luxembourg's Ministry of Foreign Affairs, Mr. Paul Duhr, on 09 December 2009.
The first project, to be handled by the Microfinance Transparency, an American nongovernmental organization (NGO), involves the conduct of a survey of the microfinance market in the Philippines. The second one is a training/consultation program of the Luxembourg NGO Agence de Transferie Financiere (ATTF) with selected Philippine NGOs.
Luxembourg considered these two projects as having greater tendency to impact the Philippine microfinance industry on a wider scale.
Ambassador Ortega was pleased with this development and said that, "this is a timely follow-up of the meeting of Luxembourg's Deputy Prime Minister Jean Asselborn with Secretary of Foreign Affairs Alberto G. Romulo in Manila in 2008. This only shows that our relations with Luxembourg are only getting stronger".
It is anticipated that Luxembourg will soon be sending through official channels its commitment to undertake the two proposed projects, after which, preparations for implementation can then commence. END