An EU-funded €26 million regeneration project for the Grand Harbour is in the pipeline, European Affairs Minister Louis Grech announced today.

He said that the plan would be unveiled at the start of next year, and no final decision had been made on which areas would benefit. Mr Grech said the project would aim to promote the cultural dimension of the area and make it more attractive for business.

Mr Grech made this announcement during a joint news conference with European Regional Policy Commissioner Karina Cretu at his ministry in Valletta.

Asked about concerns that Malta would lose out on some EU funds allocated for 2007-2013, he expressed his confidence that Malta would be able to increase its current absorption rate of 83 per cent beyond 90 per cent by the end of the year.

On her part, Commissioner Cretu played down such concerns said Malta always fared relatively well in this aspect and it was not part of an eight-member EU state task force that had struggled to benefit from EU funds.

As for the current EU budget (2014-2020), Mr Grech said the government was taking steps to reduce red tape to ensure a high rate of absorption especially in the first four years.

 

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