In the forthcoming seven years, this government is committed to allocate an initial sum of €15 million of European Funds through financial instruments such as the Jeremie and the SME Initiative, Parliamentary Secretary for EU Funds Ian Borg said.
“Such an investment should help small and medium sized enterprises to benefit from around €90 million in soft loans,” he said during a visit to White Brothers Ltd, a company that has taken advantage of the Jeremie initiative in the past months.
Jeremie had been extended enabling a further €11 million of funds could be administered by Bank of Valletta as financial intermidiary.
Out of these €11 million, throughout the past year, €6 million were already absorbed which means that there are still around €5 million left for Maltese and Gozitan enterprises to take up. The directors at White Brothers will use the funding to expand their operations by opening up new facilities at Ħal Far. This would allow the company to increase the number of its employees in the coming months.