Plans to spend €700 million, mainly in EU funds, on structural and regional projects have been approved by the European Commission.
Within the framework of the Fostering a Competitive and Sustainable Economy to meet our Challenges programme, €587 million will be EU investments and €130 million national funding.
European Regional Policy Commissioner Corina Cretu said the investment package would enable Malta to address some of its pressing challenges through concrete projects aimed at improving citizens’ lives.
“It will pave the way for strengthening research and innovation, enhancing the competitiveness of SMEs, increasing dramatically the investment in renewable energy, and lifting thousands of persons out of risk of poverty,” she said.
The programme was expected to deliver key results in the next seven years, the Commission said.
Brussels also gave the go-ahead for another €15 million in investment to support the competitiveness of SMEs in Malta.