A national development fund financed by the sale of citizenship will be headed by David Curmi, the former president of the Chamber of Commerce.
The fund which already administers €75 million raked in from the Individual Investor Programme that came into force last year will be managed by a board of governors.
Prime Minister Joseph Muscat this morning said MCESD chairman John Bencini, former Central Bank of Malta governor Michael Bonello, economist Karm Farrugia and former Labour candidate Maria Camilleri will flank Mr Curmi.
Dr Muscat said the IIP was a success and the development fund would be Malta’s first equivalent of a sovereign fund.
Addressing supporters at the Birżebbuġa Labour Party club, Dr Muscat went through a list of his government’s achievements ahead of tomorrow’s Budget.
But motorists will have to wait until January for a reduction in fuel prices. Dr Muscat said government’s policy was to retain stability rather than submit motorists to monthly uncertainty.
But motorists will have to wait until January for a reduction in fuel prices. Dr Muscat said government’s policy was to retain stability rather than submit motorists to monthly uncertainty.
The Prime Minister said the government was intent on addressing poverty and this included fighting social benefit abuse to ensure the money went to those who deserved it.
Taking a shot at Simon Busuttil, described as “Mr Standards”, Dr Muscat said the onus fell on the Opposition leader to take action against Nationalist MP Claudio Grech for not telling the truth about his connection to a pardoned rogue oil trader.
Dr Muscat accused Mr Grech of lying in front of the Public Accounts Committee when he testified that he only met oil trader George Farrugia in 2012.
“From e-mail correspondence revealed this morning in Malta Today it results the PN MP had friendly exchanges with George Farrugia as far back as 2006… the ball is now in the court of Mr Standards,” Dr Muscat said.
In 2006, Mr Grech had headed former PN Minister Austin Gatt's secretariat, who had then been responsible for Enemalta.
Mr Farrugia has turned in State evidence in a case involving bribery and corruption at Enemalta over oil purchases.
Parliament’s PAC is scrutinising a report by the Auditor General on fuel buying at the State company but questions have also centered on the oil scandal that erupted in 2013 when Malta Today revealed how Mr Farrugia bribed top officials to ensure contracts were awarded to his international clients.
In a statement this afternoon, Mr Grech said he stood by what I stated in Parliament – that he had no recollection whatsoever of meetings/emails with Mr Farrugia before 2012.
He noted that, in his role at the time, he used to take part in more than 60 meetings a week and received an average of 100 emails a day, which he could no longer access.