The SPTF is governed by a Board of Directors (13 elected, up to 3 appointed to ensure regional diversity) and a fixed number of elected representatives from each of the major stakeholder groups: Donors, Asset Owners & Investment Managers, Financial Service Providers (FSPs), Global Networks of FSPs, and Standard Setting Coordination, Information and Capacity Building Services.

SPTF Board of Directors

Mathilde d'Orgeval, Agence Française de Développement (AFD)
Hans Ramm, Swiss Agency for Development and Cooperation (SDC)
Paul Luchtenburg, United Nations Capital Development Fund (UNCDF)

Asset Owners & Investment Managers
Margot Quaegebeur, Anthos Fund & Asset Management B.V. 
Jürgen Hammer, Grameen Crédit Agricole Foundation (Chair)
Christophe Bochatay, Triple Jump

Regional and National Associations
Ewa Bankowska, Microfinance Centre (MFC)
Javier Vaca, Red Financiera Rural (RFR)

Financial Service Providers (FSPs)
Ziad Al-Refai, Ethmar for Islamic Finance
Vase Davaliev, HORIZONTI

Global Networks of FSPs
Calum Scott, Opportunity International

Standard Setting Coordination, Information and Capacity Building Services
Cécile Lapenu, CERISE SPI4
Aldo Moauro
, MicroFinanza Rating
Isabelle Barrès, The Smart Campaign

Chair Emeritus

Frank DeGiovanni

Executive Director (Ex-officio member)
Laura Foose, Social Performance Task Force

Frank DeGiovanni, Ford Foundation (Chair Emeritus)
Frank DeGiovanni is senior adviser to Ford’s president, Darren Walker, and works closely with the executive leadership team on the design of the foundation’s new Office of Strategy and Learning. Previously, he served as director of Financial Assets, leading Ford’s worldwide efforts to build financial assets for disadvantaged people with support through grants and program-related investments (PRIs). His team made grants through a focused set of initiatives on savings, individual asset development, Social Security reform, rural livelihood development and consumer financial services. Prior to that role, Frank was the foundation's deputy director of Program-Related Investments, where he was responsible for creating and monitoring a diverse loan portfolio of organizations promoting community and economic development in the United States and internationally. Before joining the Ford Foundation in 1991, Frank was associate professor and senior research associate at the New School for Social Research in New York City, where he researched and taught graduate-level courses in housing and community development, urban political economy and policy analysis. From 1985 to 1987, he was chairman of the Pratt Institute's Department of City and Regional Planning in Brooklyn, where he also taught and consulted on projects in housing and community development. Frank has a Ph.D. and a master's in regional planning, both from the University of North Carolina at Chapel Hill.
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Jürgen Hammer, Grameen Crédit Agricole (Chair)
After 15 years spent in different international investment banks (Deutsche Bank, Banco Santander, Crédit Lyonnais, CALYON) and different areas (Corporate Banking, Fixed Income and Securitization, Sales and Origination, Senior Banker) Jürgen Hammer joined the field of microfinance in 2006 with the personal objective of using his experience in financial markets to benefit the excluded and poor people in the developing world. 

In 2008, Jürgen joined the initiative of Crédit Agricole in France and played a leading role in setting up and launching the Grameen Credit Agricole Microfinance Foundation (GCAMF). Under the legal form of a Foundation, and reflecting the intentions of its founders, Crédit Agricole and Grameen Trust from Bangladesh, GCAMF has a double objective: to achieve its ambitious social goals on a sustainable basis. The initiative has therefore included a full, SPI-based social performance evaluation in all its investment proposals presented to its credit committee from the beginning. 

Always with an eye towards improving efficiency and acting responsibly with its MFI partners, GCAMF gives high priority to larger, industry-wide initiatives of improved coordination and cooperation. Jürgen has participated in SPTF work since 2009, playing an active role in the Social Investor Working Group and, since summer 2012, leading the ALINUS Investor Working Group that commits to support and motivate socially responsible investors to align their existing practices in social performance, due diligence, and monitoring with the Universal Standards for Social Performance Management. 

In addition, Jürgen continues his involvement as an independent Management Board member with JAIDA, the Microfinance Fund in Morocco he helped to set up, and plays an active role in promoting the inclusion of social performance evaluation tools in the microfinance sector in Morocco.
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Margot Quaegebeur, Anthos Fund & Asset Management B.V.
Margot is currently the Impact Investing Manager with Anthos Asset Management. She started her career with Unilever in Utrecht and Rotterdam, and after three years moved to AT Kearney in Amsterdam to become a strategic management consultant. She left AT Kearney when she moved to New York in 2003 having decided to switch to a career in international development.

To solidify this switch she gained a Master of International Affairs (MIA) from the School of International and Public Affairs at Columbia University, with a specialization in development finance. In addition to her MIA, Margot holds a Master of Law degree from the University of Utrecht and a Bachelor's degree in Public Administration from Erasmus University Rotterdam.

During her time in New York, Margot was involved in consulting projects with the World Bank in Benin, UN/Earth Institute Millennium Villages Project in Kenya, ICICI Bank and SKS Microfinance in India, and a remittances project of HSBC Bank USA. Margot was part of the Latin America project finance team at Nord/LB before moving back to The Netherlands and joining Anthos.

Since 2012, Margot has been an active volunteer and board member of Max Foundation, which focuses on healthy lives for children in Bangladesh by applying integrated health and water, sanitation and hygiene (WASH) interventions.

Margot has represented Anthos at the SPTF annual meeting since the Den Bosch meeting in 2010. She has also actively participated in almost all semi-annual SPTF Investor Working Group meetings since then. As a member of the working group she provided feedback from the asset owner's perspective on the responsible covenants and over-indebtedness initiatives.

Although Anthos is not a signatory of PRI/PIIF as Anthos is not able to publish investment information, Margot was part of the working group focused on the creation and definition of the PIIF questionnaire for indirect investors. She also integrated the PIIF into Anthos' financial inclusion investment processes. Anthos invests across impact themes. Margot therefore brings the wider impact investing view as well as the currently underrepresented asset owners view to the SPTF.

Margot lives in Monnickendam (NL) with her husband, two sons and daughter.
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Christophe Bochatay, Triple Jump
Christophe Bochatay is the Social Performance and Impact Manager at Triple Jump. His main responsibility is to ensure that the funds managed by Triple Jump are managed in such a way that their development mandates are achieved. This includes the creation and dissemination of SPM assessment tools, assessing the development potential of individual investments and the monitoring and reporting of the developmental results at the investment and portfolio level.

Christophe has been actively participating in the SPTF investors working group since 2010. He chaired the action group on Harmonization of Social Performance Due Diligence Tools, which provided a platform for investors to share their social performance assessment tools. Additionally he has been an active contributor to the working groups on the PIIFs, Reasonable Covenants, ALINUS, and AVOID, and has shared lessons learned from his work on balanced returns and outcome measurement with the SPTF community.

Christophe joined Triple Jump in 2010 as the Social Performance Coordinator and Investment Officer responsible for West Africa. He spent the first six years of his career in banking and asset management in the US and in Switzerland. He entered the field of international development in 2006 working in the strengthening of civil society in Macedonia, and as a consultant for the transformation of a microfinance institution in Kosovo. He holds an MBA from ESADE Business School and a BA in Economics from New York University.

Triple Jump is an impact-focused fund manager managing five investment funds in the areas of financial inclusion, SMEs and housing. Triple Jump’s clients are social investors ranging from institutional investors, family offices, development finance institutions (DFIs), and governments. Triple Jump’s investees are both financial service providers and funds serving our end-clients, which are MSMEs operating in developing countries. Triple Jump currently works with more than 160 MFI partners in over 50 countries and is represented on the Board of more than 10 MFIs.
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Hans Ramm, Swiss Agency for Development and Cooperation (SDC)
Hans Ramm is a development economist with a vocational banking background. He has been a practitioner in 'up-scaling' microfinance institutions and 'down-scaling' commercial banks for more than a decade. He was also board member of a microfinance institution and an investment vehicle. Hans joined the Swiss Agency for Development & Cooperation (SDC) in 2008 as focal point for financial sector development.

At SDC, Hans is in charge of knowledge management in the areas of rural finance, micro and agricultural insurance, microfinance, and SME finance. He represents SDC at the SPTF, CGAP, and the MicroInsurance Network as well bilateral donors at the Steering Committee of the Smart Campaign. Hans is sitting on the Development Facility Committee of the European Fund for Southeast Europe since 2006. He has launched the Swiss Capacity Building Facility, a public-private partnership with the Swiss financial sector to promote financial inclusion in the South.
SDC has supported the social performance and responsible finance agenda from the onset by funding Cerise's Social Performance Indicators (SPI) initiative since 2003. This has resulted in building the Social Performance System of the MIX Market and the SPI assessment tools for microfinance institutions and investors. SDC has also funded the latest versions of the SPI assessment tools that are fully compatible with SPTF's Universal Standards for Social Performance Management. SDC has been co-funding the Rating Initiative to raise transparency in responsible finance practices by supporting the specialized microfinance raters in developing their Microfinance Institutional and Social Rating products. Furthermore, SDC has become a core funder of the SPTF in late 2012, and just started a Latin America initiative with the MIF/IADB to enhance the corporate governance of microfinance institutions as an essential dimension of responsible finance.

Hans has been carrying out SDC's work in mainstreaming social performance / responsible finance standards since 2008. He has participated in the SPTF annual conferences in Paris, Madrid, Berne (hosted by SDC and Liechtenstein), Den Bosch, and Jordan.
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Mathilde D'Orgeval, Agence Française de Développement (AFD)
Mathilde has been working as a practitioner in rural development and microfinance for more than a decade. Since 2007 she has been working for the French Agency for Development (Agence Française de Développement, AFD), the main implementing agency for France’s official development assistance to developing countries. She is the focal point for financial inclusion within AFD’s department for Financial Institutions and the Private Sector where she supervises the implementation of various projects in support to the microfinance industry, mainly in Africa and South-East Asia. Her portfolio includes grants and loans in support of MFIs, dedicated investment vehicles, professional local associations, and national or regional regulation and supervision bodies.

Since 2014 Mathilde has been working with the SPTF on the Responsible Microfinance Facility (RMF), funded by AFD and implemented by the SPTF and the Smart Campaign. Today responsible microfinance is at the heart of the AFD Group’s strategy in support of financial inclusion in developing countries. In the coming years AFD will strengthen its support of local and global initiatives by promoting responsible finance, benefitting from the local presence of the AFD Group in more than 70 countries and its longtime experience supporting access to finance in African and South-Asian countries.

Before joining the financial inclusion team at AFD, Mathilde worked as a project manager in their Agricultural and Rural development department, where she focused on access to agricultural finance for smallholders. She also worked for the European Commission in Tunisia and Mauritius as a project manager in rural development projects, and for the World Bank in Washington on the agri-business value chains in West Africa. More recently, she spent two years in San Francisco volunteering for the microfinance non-profit organization

Mathilde holds a B.S. in Mathematics and Physics from the Ecole Polytechnique in Paris, an M.S in Rural Economics from the Institut National Agronomique of Paris-Grignon (INA P-G), and a M.S. in Development Economics from the Institut d’Etudes Politiques (Science Po Paris).
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Paul Luchtenburg, United Nations Capital Development Fund (UNCDF)
Paul has more than 20 years of experience in Microfinance and Financial Inclusion playing a variety of roles from implementer, Technical Assistance provider, funder, and board member. Paul holds an MBA from Eastern University and has contributed to the writing of a number of books and articles on microfinance and financial inclusion.

Paul was previously on the SPTF board when, as CEO of AMK, he was elected as the MFI representative. Paul participated in numerous SPTF annual meetings including Den Bosch, Bern and Amman. He was also one of the founding members of the SMART Campaign steering committee and is passionate about ensuring that the microfinance industry and financial inclusion initiatives do no harm, and put clients first.

Paul was an active supporter of MF Transparency in giving guidance and helping organize the MF Transparency ratings in Cambodia.

Currently Paul serves as the program specialist for inclusive finance for UNCDF, the arm of the UN that focuses on financial inclusion in the poorest countries and has long played an active role in SPM and client protection issues. UNCDF is implementing a number of creative projects including MAP (Making Access Possible). This supply and demand research culminated in the development of the Financial Inclusion road map which was approved by the government of Myanmar in February 2015. UNCDF is also facilitating MFI greenfields, financial diaries research, digital financial service interventions, and is setting up a market development facility, which will provide local currency funding and technical assistance.

Before UNCDF Paul served as the senior operations officer for microfinance covering the East Asia and Pacific region for the International Finance Corporation (IFC). During this time Paul was involved with developing IFCs social performance strategy.

Prior to UNCDF Paul served as the CEO of AMK in Cambodia. AMK has received numerous awards and is a recognized leader in delivering cost effective financial services while having a strong social performance focus. During his tenure AMK was the first organization in Asia to receive the Gold Award for Social Performance Reporting from CGAP. AMK was rated #1 in Cambodia and #16 in world for the MIX composite rating, and was the only organization to be in the top 20 for three years. Previous to AMK Paul worked with World Relief implementing in Cambodia and then providing TA support to the Euro Asia region. Paul is currently based in Myanmar.
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Vase Davaliev, HORIZONTI
Vase Davaliev is the Executive Director of Microcredit Foundation HORIZONTI, one of the leading poverty-focused MFI in Macedonia and Eastern Europe-Balkan region. He has been working at Horizonti since its inception in 2000, first as a microfinance project manager within CRS (Catholic Relief Services), and then in 2005 after the successful project spin-off, Vase is appointed to lead the newly established NGO microfinance foundation in Macedonia.
In the last 7 years, Vase has been actively working on promoting SPM and applying USSPM in organizational practices. At the beginning, in 2007, he joined the MFC SPM Working Group and was active member for two years. The MFC SPM working group activities and outcomes was used for initial introduction and application of SPM concept within the organization. In 2011, with the support of its Founder- CRS, Vase lead and managed the Horizonti SPM project which main goal was to define the organizational social mission, SP goals and objectives. In addition, the project included the development and implementation of the internal tools for client's poverty measurement and dissemination of learning among other CRS MF Partners in the region. Vase's publication outlining the project outcomes is available here. Vase has been active member of SPTF since 2010, and has actively participated in the CEO working group during the SPTF Annual Meetings.
Vase has an MBA degree in Management, and 15 years of experience in developing and managing microfinance organization with strong social mission and goals. He has been invited as panelist and facilitator to many microfinance events, including topics related to SPM.
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Ziad Al-Refai, Ethmar for Islamic Finance
Ziad Al-Refai began establishing Ethmar for Islamic finance in 2013 and since December 2015 is the Executive Director of the organization. He was the Executive Director of Jordan Micro Credit Company (Tamweelcom) from 2006 until 2015, where he brought extensive experience in the fields of human development and microfinance. He targeted transparency, best industry practice, and social community and environmental corporate responsibility. He pioneered the Educational Grants Initiative for the benefit of clients' school-age children.

Mr. Al-Refai holds a BA in Accounting and MBA in Microfinance. He is a Harvard Business School Executive Education graduate in: "Strategic Leadership for Microfinance", “Strategic Perspectives in non-profit Management and Microfinance” and "Performance Measurement for Effective management of non-profit organizations." He is also an accredited microfinance trainer by the Microfinance Network of Arab Countries (SANABEL), a Board member of the Social Performance Task Force (SPTF) representing the MENA region, an advisory board member of Youth financial Services (YFS), and a member at Partners for a New Beginning (PNB).

Mr. Al-Refai is an ILO certified trainer, an EFQM certified evaluator for Excellency of management, and a social entrepreneur in the World Economic Forum. He was also Vice Chairman of Sanabel’s Board. Finally, he is a Member of the Royal Society for Conservation of Nature, and a recipient of the Social Entrepreneurship award.
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Ewa Bankowska, Microfinance Centre
Ewa Bankowska works at the Microfinance Centre (MFC) as a Responsible Finance Expert. With a background in market research, her previous professional experience includes marketing research in the banking sector and market analysis for the B2B service global alliance. Ewa holds an M.Sc. in Quantitative Methods and Information Systems from the Warsaw School of Economics, and a postgraduate diploma in psychology of consumer’s behavior from Warsaw University.

Over the last ten years of her engagement in SPM, she worked with MFIs and microfinance associations in five continents, in more than 20 countries. Ewa facilitated the contribution of MFIs from the region to the development of SP Reporting Indicators, and MFC became one of the first networks with members reporting on their SP to the MIX. She field tested the first social audit tools available and supported the Smart Campaign in its first client protection assessments, becoming one of the very first certified assessors.

Ewa continues to consult MFIs in SPM institutionalization. She supports microfinance associations in their work on SPM promotion, including adaptation of SPM strategy development methodology for networks and co-facilitation of the Networks Working Group at SPTF. She is the co-author of Decision Tree for Networks and a number of case studies on SPM practice, both from the experience of MFIs and networks. She was involved in the creation and implementation of SP Fund for Networks. She has a comprehensive knowledge of SPM and understanding of challenges both from the perspective of an MFI and a Network. Additionally Ewa has managed microfinance projects related to gender empowerment, financial education and microfinance housing.
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Javier Vaca, Red Financiera Rural (RFR)
Javier Vaca is an Economist, MBA and Microfinance Specialist. Currently he is the Executive Director of RFR, the National Microfinance Network of Ecuador comfirmed by 47 MFIs members representing a loan portfolio of USD. 2,473 millions, attending to more than 850,000 microenterpreneurs. He has 20 years of experience working with different types of MFIs: NGO, credit unions and private banks.

He has developed experience in areas like product design, market investigation, feasibility MFI projects, financial monitoring and analysis, rural finance, self-regulation, training design, financial regulation design, technology applied to microfinance, among others. As Executive Director, he has developed projects to strengthen MFI members of RFR in three objectives: policy advocacy and transparency; microfinance market development; and, training and technical assistance.

He has worked with international donors and agencies such as IADB, CGAP, USAID, CAF, HIVOS, CITI, SEEP, and RABOBANK. He has been a speaker in international conferences organized by Microcredit Summit, IADB, IFC, CGAP, SEEP, FAO, SPTF, CAF, and Boulder Institute; and is a teacher of a specialized course in microfinance at a University. In addition, he is part of the SEEP Network and FOROLAC Board of Directors, Truelift Steering Committee and a member of the Social Performance Task Force.
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Isabelle Barrès, The Smart Campaign
Isabelle Barrès, The Smart Campaign In her current role as Director of the Smart Campaign, Isabelle Barrès leads global efforts to promote financial consumer protection and keep clients first in microfinance. She has over 20 years experience in microfinance and the formal banking sector. She helped create the MIX in 2002, and led its strategic initiatives until 2007. From 2007 to 2010, she managed Kiva¹s microfinance operations and developed its global strategy to maximize social impact. Isabelle has been a key contributor to best practice publications on standards and financial performance monitoring, and is a founding member of Women Advancing Microfinance. She was a member of the SEEP Network Social Performance Working Group from 2003 to 2007. She has been a member of the Social Performance Task Force since 2005, and was the chair of the SPTF Common Social Performance Indicators Sub-committee from 2005 to 2007. She is now a member of the Truelift Microfinance Technical Review Committee, the Truelift Advisory Committee and the Cambodia Microfinance Association Advisory Board. Isabelle has a BA in Economics, an MBA and a post graduate degree in Development Economics. She is fluent in English, French and Spanish
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Calum Scott, Opportunity International
Calum Scott is the Global Impact Director for Opportunity International, one of the leading microfinance support networks globally. In the last 7 years working for Opportunity International, Calum has designed, developed and tested an innovative framework for implementing SPM at Opportunity’s forty microfinance partners in twenty-two countries.

Calum is committed to pushing the industry SPM agenda towards greater use of data by microfinance practitioners in the field, for the benefit of the clients that microfinance seeks to serve. Opportunity’s SPM program is ambitious. Aiming to regularly collect social data from all clients and enabling the use of data as a management tool to improve both microfinance products, and how those services are provided.

In 2014 Calum oversaw the publication of Opportunity’s first annual Social Performance Report, detailing progress and results from Opportunity’s SPM strategy: coming soon

Calum has an economics degree, and ten years of experience working as an economist for the UK government on inward investment and health economics.
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Cécile Lapenu, CERISE
Cécile Lapenu is the executive director of CERISE, a knowledge exchange network on ethical finance ( CERISE was started in 1998, and since then it has developed tools and organized studies and seminars on Social performance and impact, Rural and agricultural finance, and Governance in microfinance and social business.

Cécile is in charge of the development of the tools (SPI, SAM – Social Audit for Microfinance Investment Vehicles, Governance for microfinance, etc.) and the coordination of studies. She conducts training for social audits for MFIs and social assessment for investors. She is member of the Board of the Social Performance Task Force, and was chair-woman of the Board of the European microfinance platform (e-MFP) in 2014.

Before joining CERISE in January 2001, Cécile Lapenu was a post-doctoral fellow at IFPRI (International Food Policy Research Institute, Washington DC, USA) working on the Rural Finance Team in the Food Consumption and Nutrition Division. From 1993 to 1997, she worked on the development of rural financial system as a researcher at the Centre de Coopération Internationale en Recherche Agronomique pour le Développement (CIRAD). She received a Ph.D in agricultural economics from the Ecole Nationale Supérieure Agronomique de Montpellier, working on Microfinance in Indonesia.
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Aldo Moauro, MicroFinanza Rating (MFR)
Aldo Moauro is a founding member and current shareholder of MicroFinanza Rating (MFR). As a member of the Board of Directors and Executive Director of MFR, Aldo directly supervises the activities of the Management Team, Social Rating Department and Rating Committee Unit. He chairs the Board of Directors of all MFR subsidiary companies, which are located in Ecuador, Bolivia, Kenya, Kyrgyz Republic and the Philippines.

He has carried out more than 100 rating and assessment missions worldwide, chaired more than 300 rating committees and leads the technical evolution of MFR services and assessment tools. Aldo is a member of the SMART Campaign Certification Committee and has been involved in several leading initiatives in the microfinance sector. He is often invited as a speaker at microfinance conferences and as a teacher in training courses (like the Boulder MFTP), especially on topics related to microfinance institutional and social rating, credit and social rating, risk management, social performance assessment, client protection, corporate governance and regulation and supervision in microfinance.

Before joining MFR Aldo worked for almost four years at ETIMOS, an international financial consortium, and was in charge of the microfinance investments portfolio.

A graduate in Economic Studies, Aldo has directed his professional preparation and experience toward SMEs and microfinance. He pursued his specialization by attending the Boulder Microfinance Training Program, and the Goethe Institute in Frankfurt training on the Theoretical and Technical Innovations in Microfinance and Rural Finance.
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Laura Foose, Social Performance Task Force (SPTF)
Laura Foose has been the Executive Director of the Social Performance Task Force since 2005. She has over twenty years of experience in policy design and advocacy promoting microfinance and poverty alleviation in developing and transitional countries. As a partner of Alternative Credit Technologies for ten years, she designed microfinance projects, conducted evaluations of MFIs, and was a working group facilitator for the SEEP Network in the areas of poverty assessment/outreach.

As Secretariat of the Microenterprise Coalition at FINCA for five years, Ms. Foose represented microenterprise practitioner and advocacy organizations to donor agencies, the U.S. Administration, and members of the U.S. Congress.

Ms. Foose was a professor of microfinance at Georgetown University and Johns Hopkins University; a co-founder of Woman Advancing Microfinance; and is currently on the Taxonomy Committee of “The Impact Reporting and Investment Standards (IRIS) project” of The Global Impact and Investing Network, and on the Leadership Council of the Microcredit Summit.

Ms. Foose holds an M.S. in Foreign Service from Georgetown University, with specializations in international economics and business, and a B.A. from Brown University, where she graduated with a double major in economics and international relations. She is based in Washington, DC.
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