An agreement to enable businesses get access to finance was signed on Thursday between Malta Enterprise, Malta Industrial Parks and the Malta Development Bank (MDB)

Lack of finance limited businesses from using their full potential and was a common obstacle to innovation and general commercial activity, Economy Minister Chris Cardona said.

He said that while acknowledging the needs of the local market, the government had the responsibility to think about the future.

The collaboration would assist in the government’s strategy for diversification and to create a culture of innovation and entrepreneurship.

Finance Minister Edward Scicluna said the strategic objective of the MDB was to address market shortcomings.

Rather than inspired from considerations of a purely commercial nature, the banks would be primarily committed to offer support to socio-economic objectives in the public interest with the aim of strengthening development and ensuring this was beneficial to the completion of the country’s economic expansion.

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