Joachim von Ansberg, Vice President, Asian Investment Bank for Infrastructure, Leslie Maasdrop, Vice President, New Development Bank, Kristalina Georgieva, World Bank CEO, Pierre Gramegna, Minister of Finance, Stephanie J. Miller, Director of the European;
Credit: MinFin
Luxembourg's Minister of Finance, Pierre Gramegna, was in Washington from 19 to 21 April 2018, to attend the spring meetings of the International Monetary Fund (IMF) and the World Bank.
Each year, these meetings are an opportunity to bring together players from different backgrounds - public sector leaders (central banks, ministries of finance and development) and the private sector, experts from academia - around major global issues: global economic conditions, financial stability, poverty alleviation, economic development, aid effectiveness, etc.
On Thursday, Minister Gramegna participated in a seminar organised jointly by the European Investment Bank and the Bertelsmann Foundation under the theme "Tackling the root causes of migration: Europe's strategy for economic resilience". In his speech, Minister Gramegna outlined the importance of a well-targeted development policy to provide economic opportunities to young people in the countries from which most migrants originate. In addition, he stressed the need for good collaboration between the public and private sectors, as well as the provision at European level of the appropriate financial means to manage migration flows. In this regard, the Minister highlighted the role of the European Investment Bank, particularly through its economic resilience programme.
The Minister also signed a new partnership agreement in the area of technical assistance with the International Finance Corporation (IFC) of the World Bank Group. The current agreement will thus be renewed for another four years (2019-2022), for a total amount of €7 million. IFC's approach is based on the recognition that strong economic growth is essential to sustainable poverty reduction. IFC is investing in developing countries in economically beneficial projects that respect environmental and social principles. Luxembourg is one of the most generous contributors to IFC's advisory services.
The Minister also signed a new partnership agreement in the area of technical assistance with the International Finance Corporation (IFC) of the World Bank Group. The current agreement will thus be renewed for another four years (2019-2022), for a total amount of €7 million. IFC's approach is based on the recognition that strong economic growth is essential to sustainable poverty reduction. IFC is investing in developing countries in economically beneficial projects that respect environmental and social principles. Luxembourg is one of the most generous contributors to IFC's advisory services.
Pierre Gramegna said "IFC has an innovative and proactive strategy that focuses on public-private partnership and risk reduction for investors. Luxembourg supports this approach, which aims to strengthen the private sector to enable it to generate income and create a market there, where it is lacking."
In addition, on Thursday, the Luxembourg embassy in Washington hosted a dinner at which were present the heads of multilateral banks active in the field of development. Minister Pierre Gramegna and Ambassador Sylvie Lucas welcomed the World Bank CEO, Kristalina Georgieva, European Investment Bank President, Werner Hoyer, Asian Development Bank President, Takehiko Nakao, the Governor of the World Bank Council of Europe Development Bank, Rolf Wenzel, Vice President of the European Bank for Reconstruction and Development, Pierre Heilbronn, Vice President of the Asian Investment Bank for Infrastructure, Joachim von Amsberg, and Vice-President of the New Development Bank, Leslie Maasdrop.
Minister Gramegna commented "I am delighted with the success of this initiative, which I launched four years ago. The now traditional dinner of development banks at the Luxembourg Embassy is a unique opportunity for the leaders of these institutions to discuss the cross-cutting issues that occupy them. It highlights the role of Luxembourg as an international bridge builder and model country for official development assistance."
Minister Gramegna commented "I am delighted with the success of this initiative, which I launched four years ago. The now traditional dinner of development banks at the Luxembourg Embassy is a unique opportunity for the leaders of these institutions to discuss the cross-cutting issues that occupy them. It highlights the role of Luxembourg as an international bridge builder and model country for official development assistance."
On the sidelines of the plenary meetings, the Minister also had bilateral interviews with some of his counterparts, including the French Minister of Economy and Finance, Bruno Le Maire, as well as senior officials from the IMF and the World Bank.
Minister Gramegna has had meetings with Anthony De Lannoy, Executive Director of the IMF, and Frans Godts, Executive Director of the World Bank, for an overview of current issues concerning these institutions. With Frans Godts, Minister Gramegna spoke in particular about the issue of the capital increase of the International Bank for Reconstruction and Development (IBRD), part of the World Bank Group, and assured him of the support of Luxembourg. Luxembourg's share will increase from 0.12 to 0.13% of the capital, at a cost of €7 million over 5 years. In line with Luxembourg's development aid policy, the Ministry of Finance thus contributes to strengthening one of the key players in this sector at the international level.
Minister Gramegna also had a meeting with Ross Leckow of the IMF's Legal Department, who is in charge of Fintech-related issues, to discuss the regulation of virtual currencies and taxation of the digital economy. He also had a meeting with Vitor Gaspar, Director of Fiscal Affairs of the IMF, to discuss the financial situation of Luxembourg and its tax system.
Finally, at the invitation of Christine Lagarde, Executive Director of the IMF, Minister Gramegna participated in a working dinner dedicated to global and regional challenges in the area of trade and taxation.
Minister Gramegna also had a meeting with Ross Leckow of the IMF's Legal Department, who is in charge of Fintech-related issues, to discuss the regulation of virtual currencies and taxation of the digital economy. He also had a meeting with Vitor Gaspar, Director of Fiscal Affairs of the IMF, to discuss the financial situation of Luxembourg and its tax system.
Finally, at the invitation of Christine Lagarde, Executive Director of the IMF, Minister Gramegna participated in a working dinner dedicated to global and regional challenges in the area of trade and taxation.
