Malta allocated fraction of proposed €5 billion EU investment package

The European Commission has proposed the allocation of €20 million to Malta and Cyprus for small island projects as part of a €5 billion new investment in the energy and Internet broadband infrastructure across the EU in 2009-2010.

The proposal is part of the EU recovery plan endorsed by the European Council last month.

Commission President José Manuel Barroso said the EU's Recovery Plan was all about 'smart investment' – a short-term stimulus targeted on long-term goals.

The package presented today includes proposals for an allocation of €3.5 billion for investment in carbon capture and storage, €500 million for offshore wind projects and €1,750 million for gas and electricity interconnection projects.

The Commission also proposed €1 billion to extend and upgrade high-speed internet in rural communities.

All EU member states will benefit from the package, however the proposals do not indicate any funding for Malta for gas or electricity interconnectors or offshore wind projects