Speaking during the 'Access to Finance' information
session held on Friday 14th October 2016, Deputy Prime Minister
Louis Grech said that, this year alone, the government has already
committed nearly €100 million of the 2014-2020 programmes in
clear support to SMEs.
Louis Grech said that €50 million grants under the new ERDF
Grant Schemes and €30 million from the European Social Fund
will be made available. In addition, through the SME Initiative,
another €60 million of funds are available, from which about
850 enterprises will benefit, he said. If these funds are absorbed,
we will top up our contributions to the Fund, Deputy Prime Minister
Shifting to the Malta Development Bank, the Deputy Prime
Minister said that the upcoming bank will be a major tool to
provide much-needed finance to SMEs. The bank will provide
financing, through loans, investments and guarantees to
enterprises, including SMEs and start-ups. He continued by saying
that the proposed Malta Development Bank Act should pass through
Parliament by the end of this year.
The Deputy Prime Minister said that on the international front,
especially during the Maltese Presidency, the government will
continue to work within the European Union for the completion of
the Capital Markets Union. This is the Commission's plan to
help mobilise capital in Europe, channeling it to companies,
including SMEs and infrastructure projects that need it to expand
and create jobs. The plan is to link savers and investors and
create new opportunities for growth, thus making access to
financing easier, he continued.
The Deputy Prime Minister highlighted the buoyant state of the
Maltese economy and anticipated that employment will continue to
grow as well the GDP. He said that the government's immediate
aim is to reduce the deficit to well below the 1% mark and reduce
the debt ratio below the 60% of the Gross Domestic Product. It hass
been a long time and, if this is attained, it will truly be an
achievement, continued Louis Grech.
This government will continue to assist low and middle income
workers through tax relief, supplementary income and lower utility
tariffs, Deputry Prime Minister Grech said. He concluded by saying
that the plans include the expansion and upgrading of crafts
villages using EU funds, addressing export credit, the further
development of the Life Sciences Park, further resources in
research and development, more reductions in bureaucratic
processes, and addressing bank guarantees in order to make them
more business friendly.
Following an evaluation of Hong Kong in 2008, the Financial Action Task Force ("FATF")1 identified the following deficiencies in the Hong Kong anti-money laundering ("AML") and counter-terrorist financing ("CTF") regime
The Gibraltar Chamber of Commerce have supported the Government's notes on the need for a cautious approach to future public expenditure in the current post-Brexit environment.
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