Banif joins SME Initiative - to operate €6 million lending facility
An agreement has been reached with Banif Bank to operate a €6 million facility to support investment by SMEs in Malta.
The funds form part of the European Investment Fund's €60m SME Initiative for Malta, which will benefit around 850 enterprises over the next five years.
The agreement was signed by Pier Luigi Gilibert, chief executive of EIF and Joaquim Silva Pinto, chief executive of Banif Bank (Malta) in the presence of Deputy Prime Minister Louis Grech and Parliamentary Secretary Ian Borg.
Mr Grech said the SME Initiative complements the government’s other initiatives in this area and provides easier, cheaper and faster access to much needed funds for SMEs.
Dr Borg said that the financial instrument would address the particular needs of Maltese SMEs, most of which are family businesses or employ few people or are self-employed persons.
In recent years, banks were cautious in their lending and this may have put some SMEs at a disadvantage. Against such background, the contribution of the SME Initiative becomes more significant, Dr Borg said.