The European Commission's green light to set up a Development Bank in Malta was of utmost importance and would be part of this government’s legacy, Prime Minister Joseph Muscat said this morning.

In a brief interview on One Radio, the Prime Minister said this bank would not be competing with others but would assist other banks and small companies in infrastructural projects.

Earlier, he expressed solidarity with the victims of the earthquake in central Italy underlining his pride that Maltese volunteers were assisting in the rescue efforts.

He expressed his amazement that the Opposition had voted against the regeneration of Dock 1 in Cottonera saying this had been promised by successive PN governments for years and never implemented.

The site was a neglected spot in the middle of Cospicua and he could not understand how the Opposition spokesman could vote against the regeneration of historical heritage and investment in the country especially the south.

Dr Muscat said investment such as that of the American University came about because his government was not afraid to take decisions.

Because of such decisions, foreign investment in Malta had increased by €680 million in this legislature. Such decisions also led to a further drop in the deficit without having to increase taxes.

Defending the introduction of a new scheme permitting property owners to pay to regularise illegal developments that could not be sanctioned under existing policies, Dr Muscat said this was based on common sense and aimed to help families who could not sell their property because of minor infringements regularise their position.