Prime Minister Joseph Muscat appealed to financial institutions to choose wisely the projects they financed, giving due importance to those which bring value added to the Maltese economy.

He said the economic results which were being achieved, including the fact that Malta outperformed expectations of international agencies such as the International Monetary Fund, were encouraging.

These gave credibility to the island and which was resulting in “unprecedented” foreign direct investment. He mentioned the minority shareholding in “loss-making Enemalta” the government managed to sell to Shanghai Electric.

Dr Muscat was speaking during the inauguration of the completely refurbished House of Four Winds in Valletta which will be the new Bank of Valletta premises for its board meetings.

He said the citizenship scheme was bringing to Malta people with new and global networks, which financial institutions should tap to help in the internationalisation of local small enterprises.

BOV chairman John Cassar White said the bank was gearing up for challenges ahead, including the ongoing asset quality review being carried out by the European Central Bank as well as the upgrading of the bank’s IT infrastructure.

He said the bank saw a bright future for the Maltese economy and highlighted how the new energy strategy will ensure investment in the country’s infrastructure while guaranteeing a reliable and affordable electricity supply to Maltese businesses.