FOI-BoV financial package for industry

"WITH THE great volumes of EU directives and regulations being introduced, it is not only crucial for all business operators to be kept up to date on developments, but also to comply with the respective legislation directly or indirectly affecting their operations.

"The FOI will endeavour, as it has been doing throughout its 60 years of existence, to keep its members updated and informed on developments, and to seek schemes, like the financial package being launched today, that will assist its members to attain the required working standards and conditions stipulated by legislation, as well as market practices." The FOI president was addressing the press conference of the recently launched FOI-BoV financial package for industry.

This new financing package is aimed at facilitating access to finance for environmental projects undertaken by FOI members operating in the manufacturing and services sectors. It will support these business operators in their restructuring process to conform to EU directives and local legislation related to their internal and/or external environment. As Tonio Depasquale, chief executive officer of Bank of Valletta, explained during the media conference "through the BoV Environment Finance Package for Industry, the bank will accept applications for financing up to a maximum of Lm50,000. Such financing may be used for:

Investment in energy savings or renewable energy sources
Health and safety issues
Reduction in the impact on the environment throughout the manufacturing process
Purchase and/or construction of a waste treatment plant and equipment
Businesses producing environment-friendly products
Improvement of work safety standards
Reduction/recycling of packaging or waste material
Conservation of rainwater
Reduction in emission pollutants
Reduction in energy consumption measures
Improvements to the working environment, including noise reduction, dust and particle emissions
Attainment of ISO certification.

Mr Depasquale continued to explain that this launch "underlines our resolve to support initiatives that have a direct positive effect on the external, as well as the internal working environment of Malta-based firms. The new financing package also shows that BoV is well aware of its customers' needs and is committed to being supportive to its customers even when this requires substantial investment being undertaken to support environment-friendly processes and technology".

In his address, FOI president Adrian Bajada highlighted that this is yet another FOI scheme aimed at improving the economic and infrastructural framework within which industry operates and competes with the outside world. After outlining some of the many FOI initiatives completed or currently being developed, Mr Bajada said that this package is the result of "close co-operation and collaboration between the Federation and its sponsoring partner Bank of Valletta. After weeks of discussions and through the additional support of Malta Enterprise as regards its Loan Guarantee Scheme, we believe that this initiative now provides a complete and unique package for our members."

Commenting about this new attractive financial package, Ing. Ray Muscat, chief officer - Enterprise Support and Innovation of Malta Enterprise, said: "Nowadays, eco-innovations are seen to impinge on the competitiveness of enterprises. Malta Enterprise is committed to further support enterprises to keep up with changing demands in environmental issues. The SME loan guarantee scheme is designed to facilitate access to finance for such applications and is being supported by the European Investment Fund".

For more information about this financial package, FOI members are to contact the FOI Secretariat on tel: 2123-4428, 2122-2074 or e-mail: info@foi.org.mt