President’s Letter

D. Antonio Pulido, President of Pignus


Pignus, 60 years in defense of the pignorative loan

In 2017 we celebrated the sixtieth anniversary of the creation of the International Association of Pledge and Social Credit Institutions (Pignus), founded in 1957 in Milan. It is not a birthday or a routine celebration. In this way, Pignus accedes to the select club of more consolidated and long-lasting international associations, something that gives an idea of ​​the strength of the activity whose interests it has been defending in the last six decades, the pledge of credit, and of its own strength as an institution.

In these years, Pignus has witnessed the great importance of pledge credit in Europe, and its subsequent and gradual reduction, fruit of the great prosperity experienced in the continent; and has observed how other regions of the world, especially Latin America and Asia, gathered the leaders witness of the formal and non-profit making activity.

Now, Pignus and all its partners, which are distributed between America, Europe, Africa and Asia, face a double challenge: to continue strengthening and spreading the pledge and to give solidity to the structures of the Association itself. This double challenge is faced in 2017 with renewed enthusiasm, with the incorporation of more entities to Pignus and with the feeling that this important and consolidated international forum has many intense years of life in defense of the model of formal pledge and not lucrative.

But the Association will not limit its institutional role only to explain the origins of an ancestral financial practice or to highlight the importance it has been in these six decades in the fight against usury and in access to credit for millions of people throughout the world. Especially in 2017, the Association will make an effort to explain to multilateral organizations and national governments that, to date, pledge credit can be a very useful tool in public policies that seek to promote economic development and access to the finances.

It is the main objective that we have marked as an institution for this significant year of the 60th anniversary. That is why I also wanted to personally welcome all of you to this website of Pignus, which has also been renewed and completed in its contents to live up to the historical relevance of this celebration. I invite you to know more about our activity and our partners and to see how many centuries later, the pledge continues to have millions of satisfied users around the world.

Antonio Pulido

President of Pignus

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