Tuesday, 16th June 2009 - 13:03CET

Tourism interest subsidy scheme launched

An interest subsidy scheme aimed at encouraging investment by hotels and restaurants was launched today by the Prime Minister.

Dr Gonzi said the scheme was part of a series of initiatives which the government was taking to boost the Maltese tourism product.

The scheme will fund 1.5 percent of the rate of interest on loans for refurbishment projects and 1% of the rate of interest for extension projects.

The scheme has a budget of €300,000 per year for 10 years for a total governemnt investment of €3 million.

Dr Gonzi said this measure was in line with electoral commitment to boost niche tourism. He pointed out that the government had also introduced a scheme whereby investors were offered a moratorium on their debt repayments.

He said that the government was also using EU funds to improve Malta's product, including improvements at Qawra, St Paul's Bay and Sliema seafronts, a heritage park at Pembroke and a visitors' centre in Qawra.

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Comments

W Spencer (on 16/6/09)

@ Galea L ......................spot on !!!!

Galea. L (on 16/6/09)

Tourists won't come to a seven star hotel and step out on third world country dirt tracks known as roads in Malta.

Reno Calleja (on 16/6/09)

This is a sheer misallocation of money.

Tourism does not need upgraded hotels. Our hotels already compare favourably to ones abroad. We need money to be spent on upgrading our 1970's-like infrastructure and on taking care of the environment.

This will not come by through miserly infrastructural upgrades in Qawra, St Paul's Bay, Sliema and Pembroke, although these are also important.