A total of €400 million in EU funds would be spent on the environment and an inclusive society over the next seven years, Deputy Prime Minister Louis Grech said yesterday.

Mr Grech, who was accompanied by EU Funds Parliamentary Secretary Ian Borg, said the 2014-2020 operational programmes for Malta would contribute to the socio-economic development of the country and a better quality of life. He said the funds were equivalent to a direct injection of almost two per cent of GDP every year.

Other major fund allocations include €72 million for the university and private industry to stimulate research and innovation, €53 million for SMEs, €57 million for the low-carbon economy, €38 million for ICT and €100 million for sustainable transport.

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