VALLETTA - The European Investment Bank (EIB) and the Malta Development Bank (MDB) have launched a strategic partnership aimed at propelling Malta's sustainable development forward. The EIB has committed a €30 million loan earmarked for financing small-scale green initiatives across the island nation. These projects are set to encompass a wide range of eco-friendly ventures, including the installation of electric vehicle charging stations, solar photovoltaic systems, energy efficiency improvements in buildings, and waste recycling programs.
The collaboration is designed to provide Maltese small and medium-sized enterprises (SMEs), mid-caps, and local authorities with access to the necessary funds to invest in climate change mitigation projects. By offering favorable financing conditions and extended repayment periods from the EIB, the MDB will be able to pass on significant financial savings to those engaging in sustainable projects.
In addition to financial support, the MDB will leverage the EIB's advisory services through the Green Gateway programme—a joint initiative with the European Commission. This program aims to bolster MDB's capabilities in identifying eligible green projects and effectively reporting back to the EIB.
EIB Vice-President Gelsomina Vigliotti and MDB Chairman Prof Josef Bonnici have both highlighted their dedication to fostering Malta's sustainable economic growth and environmental responsibility through this new venture. They emphasized that this partnership is not only expected to have a substantial positive impact on the environment but will also stimulate job creation by funding a variety of private and public investments throughout Malta.
The EIB, as an EU-owned lending institution, is focused on supporting long-term investments that are in line with key EU policy areas such as infrastructure, innovation, climate, environment, and SMEs. This initiative aligns with these goals and is poised to empower the MDB to more effectively support local businesses and public entities in achieving Malta's ambitious climate objectives.
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