A creativity trust fund aimed at strengthening invest-ment in the cultural and creative industries was launched as a joint effort by the Culture and Finance Ministries yesterday.

At the end of the day, the private sector will benefit a lot out of this because it will be investing in making our society more creative

“This trust fund is a bridge between the creative and financial sectors – it is a financial mechanism aimed to help the cultural and creative industries,” said Culture Minister Mario de Marco when he addressed a conference at the Malta Stock Exchange, Valletta.

The creative industries include heritage, performing and visual arts, as well as new-age creativity projects such as digital gaming.

The Government has allocated a set-up sum of €200,000 and will continue to make a yearly contribution. However it is also encouraging the private sector to invest – by means of donations – in the trust fund.

Finance Minister Tonio Fenech said that advanced economies depend on the creative approach.

“At the end of the day, the private sector will benefit a lot out of this because it will be investing in making our society more creative,” he said.

Individuals or companies donating to the trust will be getting fiscal incentives.

Both ministers stressed that the fund will not be replacing funding bodies, such as the Film Fund or the Arts Fund, but will serve to ‘top up’ existing funds; seed the creation of new funds and schemes; or could even be used as an emergency fund.

The trust fund will be managed by the Board of Trustees, who will be investing the funds, and the profits from these investments will be distributed to existing funding programmes or invested in capital cultural projects.

Mr Fenech said in several EU countries investment in creativity was being cut down due to economic troubles.

“Malta’s economic stability allows us to keep on investing in this sector,” he said.