Finance Minister unveils five business schemes

The government yesterday launched five business schemes, worth €20 million, aimed at encouraging investment and innovation in industry.

The schemes, which will be open to applicants from today, will provide assistance to a variety of businesses, ranging from large established industry to start-up SMEs aimed at ensuring they develop into independent, innovative and well-performing businesses.

Speaking at a press conference organised by Malta Enterprise, which will be handling the schemes' administration, Finance Minister Tonio Fenech said the schemes fit in with the government's plans to incentivise the economy and "boost the prospects of further growth and job creation".

The schemes were open to practically all the industry, except i-gaming, financial services and tourism industries, because these particular industries already benefitted or will be addressed by specifically tailored schemes, such as the i-gaming industry, or fell under separate funding allocations, as did the tourism industry.

Malta Enterprise chairman Alan Camilleri said the schemes, funded by the European Regional Development Fund, were intended to reward "well performing" companies.

The schemes, Mr Fenech affirmed, were not intended to be state aid but to assist businesses in eventually turning themselves into successful and financially independent productive commercial entities.

Mr Fenech said that while the funds were intended to be spread over five years, if Malta absorbed the amount before the timeframe expired in an efficient and productive manner, there was the possibility that the country tap into more similar funds at a later stage.

Mr Fenech outlined the five schemes, composed of an international competitiveness grant scheme, a small start-up scheme, two schemes dealing with innovation and the environment respectively and an e-business development grant scheme.

More information on the schemes is available at 20millionforindustry.com.