Soft loans to help tourism industry invest in energy conservation

The government, through Malta Enterprise, is making available low interest loans to encourage and help the owners of tourist accommodation invest in energy saving measures and the generation of energy from renewable sources.

The scheme was launched today by Finance Minister Tonio Fenech and the Parliamentary Secretary for Tourism, Mario de Marco.

They explained that investors will be assisted to get soft loans from Malta Enterprise with an interest rate of 1.5% over the discount rate. The maximum amount of the soft loan will be €400,000 and/or up to 80% of the total project cost.

The scheme is open to the whole hospitality sector.

Dr de Marco said energy costs accounted for at least a quarter of the operating costs of hotels, but rather than direct subsidies, the government was helping the tourism industry in this way because it was more sustainable in the long term.

It was explained that the investment could include double glazing to conserve energy and reduce costs, and investment in solar heaters, photovoltaic units and other sources of renewable energy.

The scheme was launched at the Radisson Baypoint Hotel in St Julians.

Winston Zahra Sr welcomed the scheme, saying it was very important for the sector in view of the high energy costs.

He said that the Island Hotels Group was planning to invest heavily in the Oasis At Golden Sands, which will replace the Hal Ferh holiday complex. The facility, he said, would be environmentally sustainable, and would create 250 jobs.

The Coastline Hotel will be extended by 100 rooms while the Baypoint Hotel will be refurbished.