Banque de Luxembourg, along with a number of other organizations in Luxembourg’s finance and investment field, has launched the European Impact Investing Luxembourg Initiative (EIIL). The initiative builds on a survey commissioned last year which proposed the establishment of a centre of excellence for impact investing in Luxembourg and an approach to impact investing under three heads: knowledge, framework and products.
Accordingly, EIIL will take the lead in devising a legal structure which will cover most types of social impact project; building a Luxembourg impact investment platform which will provide facilitation, coordination, networking and advice for projects to be set up in Luxembourg; cooperating with the government of Luxembourg in extending the double tax treaty framework to minimize the fiscal demands made on such investments; and establishing a university chair in impact investing at the Université du Luxembourg.
Other organizations involved include the law firms Arendt & Medernach and Elvinger, Hoss & Pruessen, the European Investment Fund, ADA-Microfinance, the Luxembourg Microfinance and Development Fund, Ernst & Young, ALFI (the association of the Luxembourg fund industry), European Fund Administration, Innpact (a private firm specialized in innovative responsible finance solutions) and PricewaterhouseCoopers.
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