Banif Bank (Malta) Plc was selected by the European Investment Fund as a financial intermediary for the SME Initiative in Malta, offering a further €6 million of financial facilities.

This is the second agreement with a financial intermediary in Malta concerning the SME Initiative that will absorb Malta’s total allocation under this initiative. The SME Initiative, through the leveraged effect, will be making available some €60 million of new money in Malta, which will benefit around 850 enterprises over the next five years.

Deputy Prime Minister Louis Grech has pledged that if the funds are absorbed early, the government would top up its contribution to the SME Initiative.

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