Malita Investments plc and the European Investment Bank have signed a finance contract which will be one of the sources to fund the construction of the Parliament building and the open-air theatre as part of the City Gate project in Valletta.

Others sources of funding include Malita’s share issue, which will open to the public tomorrow,

The €40 million finance contract was signed in Malta by the EIB representatives and Malita Investments chairman Kenneth Farrugia. Malita has managed to secure two loan facilities: a 20-year facility for €25 million and another for 25 years for €15 million.

“The board is particularly pleas­ed Malita Investments plc has partnered the EIB to finance this urban development project in Malta’s capital,” Mr Farrugia said.

“I am grateful to the EIB for the support and commitment shown to this project during the many months of intensive negotiations,” Mr Farrugia said.

The project is one of the major public infrastructure projects promoted by the government in re­cent years and is in line with the EIB’s financing priorities.

The rehabilitation of the Valletta City Gate area, its ancillary urban infrastructure and the reconversion of under-used and centrally located land are ex­pected to improve the urban environment and to contribute to the regeneration and revitalisation of the country’s capital, a Unesco world heritage site.

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