What we do
Coronavirus pandemic: The EIB Group’s initiatives to address the economic consequences of the crisis
Pan-European Guarantee Fund – EGF
Sustainable Development Umbrella Fund
SDUF Health Compartment
Equity products
AI Co-Investment Facility
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
VentureEU
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
COSME - Loan Guarantee Facility
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Dutch Future Fund (DFF)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Croatian Growth Investment Programme (CROGIP)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
EstFund
FOSTER TPE-PME Occitanie
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
JEREMIE
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece

EU increases its commitment to support Maltese SMEs up to €28 million

  •  
    Date: 18 December 2020
  • From the EIB Group and the EU Commission additional resources for the implementation of the SME initiative in coordination with the Maltese Government
  • Total funds available for local small and medium enterprises reach €118 million

In light of the effects of the coronavirus pandemic on the Maltese economy, the EIB Group (European Investment Bank – EIB and European Investment Fund – EIF) has signed an agreement with the Government of Malta and the European Commission to increase financing available under the SME Initiative in Malta. The agreement was signed today by EIF Chief Executive Alain Godard, EIB Director Miguel Morgado, Hon. Stefan Zrinzo Azzopardi, Parliamentary Secretary European Funds within the office of the Prime Minister, and Paul Zahra, Permanent Secretary for European Funds within the Office of the Prime Minister.

The SME Initiative entails the combined use of European Structural and Investment Funds, the Horizon 2020 programme and EIB group funds.

So far, through the SME Initiative in Malta, Bank of Valletta and BNF Bank have been assigned a target portfolio of nearly €90m for new SME financing in the form of loans across the country. Due to the successful uptake of this initial agreement and the coronavirus pandemic, the Maltese authorities, the EIB Group and the European Commission have decided to add additional resources to this initiative. This will trigger additional €28 million of SMEs financing under advantageous terms, such as reduced interest rates and improved collateral requirements. Thus increasing the target portfolio up to €118m.

Malta has contributed up to €29 million from its European Regional Development Fund (ERDF) dedicated envelope. The €29 million will be leveraged with commercial lending through a risk-sharing mechanism.

Commenting on the signature, Elisa Ferreira, European Commissioner for Regional Policy said: "I welcome Malta's decision to increase the available financing under its SME initiative programme as a coronavirus measure to support local Small and Medium sized enterprises. This is a smart move that will directly benefit Maltese small and medium-sized businesses and entrepreneurs giving them the financial boost they need to overcome the side effects of the pandemic outbreak, turning their ideas into concrete projects or expanding beyond their local markets."

Commenting on the increase of the SME Initiative in Malta, EIF Chief Executive Alain Godard said: “I am delighted with the very positive results of the SME Initiative in Malta for Maltese SMEs. Both local banks have already managed €72 million of SME financing to help companies over the last 4 years. I am convinced that the additional finance will be instrumental in supporting more jobs and growth and mitigate the effect of the COVID-19 pandemic, via the combination of European Structural and Investment Funds, EU Horizon 2020 and EIB Group resources.”

The Director of EIB Operations Miguel Morgado said: “The EIB Group is fully committed to further support the rolling out of the SME Initiative in the context of the COVID-19 outbreak and we are pleased together with the Maltese authorities to be announcing the increase of the resources available under this scheme. With today’s signature, additional long term financing at attractive conditions should be disboursed to Maltese SMEs. We are confident that this agreement will deliver lasting benefits to Maltese businesses.

Parliamentary Secretary European Funds within the office of the Prime Minister, Stefan Zrinzo Azzopardi stated that; “by allocating additional funds towards the SME Initiative Financial Instrument, we reiterate the government’s commitment towards supporting our businesses. Taking into consideration the current circumstances, the Maltese Government has placed a lot of effort in ensuring a continuous stream of support to enterprises in order to mitigate the impact of the pandemic on Maltese SMEs. This will serve as an opportunity for our businesses to invest and grow even during this time, so that when we start to recover after COVID-19, our enterprises will be able to continue from where they left off and come out stronger.”

About EIB Group

The European Investment Bank (EIB) is the long-term lending institution of the European Union and is owned by the EU Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals both in Europe and beyond. The European Investment Bank is active in around 160 countries and is the world’s largest multilateral lender for climate action projects. The European Investment Fund's (EIF) is part of the European Investment Bank (EIB) Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. 

EIB Group

Marco Santarelli, Principal Adviser: Tel. +39 331 6595594, e-mail: m.santarelli@eib.org
Website: www.eib.org/press – Press Office: Tel.: +352 4379 21000 – press@eib.org

European Commission

Press Officer: Veronica Favalli, Tel.: +32 229 87269, e-mail: veronica.favalli@ec.europa.eu

Maltese Authorities

 

We use cookies to give the best browser experience on our website. or change cookie settings.

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.

 
 

Copyright ©

 European Investment Fund 2021 – The European Investment Fund is not responsible for the content of external internet sites.