A €50 million fund launched by HSBC Bank Malta in December 2013 to spur business growth in Malta has been fully utilised, less than a year after funding became available.

HSBC Malta is now considering another tranche of funding to respond to the business needs of the enterprises in the country.

HSBC unveiled its Malta Trade for Growth (MTFG) initiative to help investors, traders and businesses in Malta to flourish by increasing international trade particularly with growing and emerging markets and also by encouraging international investment in Malta.

HSBC Malta head of commercial banking Michel Cordina said: “HSBC’s Malta Trade for Growth’s €50 million fund helped stimulate the private sector and promoted economic growth in Malta. The fact that the fund has already been fully utilised demonstrates the increasing priority of Maltese businesses to expand beyond their shores.”

Through Malta Trade for Growth, HSBC offers incentives such as the waiving of the fee related to the first documentary letter of credit. In addition, a 20 per cent discount is provided on the opening and advising fees on documentary letters of credit to or from emerging markets.

Other incentives relate to the waiving of the administration fee for finance against trade export or import facilities for trade with emerging markets, as well as discounts on receivables finance and preferential rates on foreign exchange, including currencies such as the Chinese Renminbi.

www.hsbc.com.mt/50million