Malta Budget 2017
Deloitte Malta presents a summary and analysis of the Malta Budget 2017 speech presented to the House of Representatives by the Hon. Prof. Edward Scicluna, Minister of Finance on 17 October 2016.
- Maltese Development Bank
- European Fund for Strategic Investments
- IIP and the Malta National Development and Social Fund
- Solar Bonds
- More from Budget 2017
Maltese Development Bank
The Government announced that the Malta Development Bank shall become operational in 2017. The bank shall have an authorised capital of €200 million, of which €30 million shall be paid up. The intended purpose of the bank shall be to support entrepreneurship and social economic development in Malta by stimulating investment and growth and making access to finance easier.
European Fund for Strategic Investments
The Government has announced that it is drawing up plans for the Malta Development Bank to access funding from the European Fund for Strategic Investments. The European Fund for Strategic Investments is an initiative launched jointly by the EIB Group that consists of the European Investment Bank and the European Investment Fund together with the European Commission that has the aim of mobilising private financing for strategic investments.
The Minister announced that the breakwater project of Marsamxett harbour has been identified as being eligible to funding through the European Fund for Strategic Investments.
IIP and the Malta National Development and Social Fund
The Malta National Development and Social Fund that administers a substantial portion of the funds raised through the Individual Investor Program, is expected to become operational. Access to these funds shall become available for projects of national interest as well as for pilot projects by local councils.
The Government has announced that, Malita plc in partnership with Malta Government Investments Limited shall in the coming months be issuing Solar Bonds to the public.
The funds raised from these bonds shall be applied towards financing the rental of photovoltaic systems to be installed by commercial establishments as well as to finance photovoltaic systems to be installed in public places.
Disclaimer: This publication reflects high level announcements made in the Budget Speech on 17 October 2016, which are typically implemented through detailed legislative amendments and tax guidelines that have yet to be published. Clients are advised to seek appropriate professional advice following the publication of such detailed amendments or guidelines and prior to implementing any actions based on the information given in this publication.
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