Air Malta has been allocated €40m in the Budget to help in its restructuring programme.

Finance Minister Tonio Fenech this evening said the government is allocating €37m for tourism and more work will be made on increasing air connections and promoting Malta abroad.

An application is being made for European Development Funds for the restoration of Fort St Angelo, which will be opened as an attraction in 2015.

Restoration of Fort St Elmo is expected to be completed in 2014 at a cost of €17 million.

The national aquarium will open early next year at a cost of €1c5.4m.

The minister said that hotels will benefit from investment aid of 15 per cent as tax credits on capital investment.

There will also be special tax incentives for those who develop boutique hotels in Valletta, Mdina and Cottonera.

Licence tariffs for Gozo properties used for tourist accommodation will be reduced.

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