Prime Minister Joseph Muscat inaugurates the building yesterday. Photos: Matthew MirabelliMalta’s economy is gaining credibility through important results that have exceeded expectations of global agencies like the International Monetary Fund, according to Prime Minister Joseph Muscat.
Underlining recent economic results, he called on financial institutions to choose the projects they financed wisely, giving due importance to those that brought added value to the economy.
Dr Muscat was speaking during the inauguration of the completely refurbished House of Four Winds in Valletta, which will serve as Bank of Valletta’s new premises for its board meetings.
He said the economic results achieved so far were “encouraging” and was giving credibility to the island leading to “unprecedented” foreign direct investment.
As an example, he mentioned how the government had managed to sell a minority shareholding in Enemalta, a loss-making company, to Chinese company Shanghai Electric.
Moreover, he said the Individual Investor Programme, also known as the cash-for-citizenship scheme, was attracting people with new and global networks.
Financial institutions should tap into the networks of these people to help the internationalisation of local small enterprises.
Dr Muscat – who was flanked by Finance Minister Edward Scicluna, Economy Minister Chris Cardona and Competitiveness Parliamentary Secretary Edward Zammit Lewis – spoke of the positive forecasts of the IMF and credit rating agencies.
He said the IMF had forecast a 1.1 per cent economic growth but this had actually grown by 2.4 per cent. He also stressed that women now made up most of the increase in the labour supply.
BOV chairman John Cassar White said the bank was gearing up for the challenges ahead.
These include the ongoing asset quality review being carried out by the European Central Bank, as well as the upgrading of the bank’s IT infrastructure.
He said the bank saw a bright future for the economy and highlighted how the energy strategy would ensure investment in the country’s infrastructure while guaranteeing a reliable and affordable supply to businesses.
Mr Cassar White said the bank also planned to heavily invest in its management structure and ensure its customers always came first and foremost.
The House of Four Winds was granted to the bank in lieu of the building it had to close next to the old opera house to make way for the City Gate Project.
The building, with its breathtaking views was, in many areas, rebuilt from scratch and given an ultra-modern look.