New SME initiative programme will provide €22m

Programme has already triggered €60m investment over three years

The Commission, the European Investment Bank Group and the Maltese government have agreed to increase the financing available under Malta's SME initiative programme.

The SME invests Cohesion Policy funds via financial instruments and provide SMEs with better access to financing, with advantageous conditions.

New resources from Cohesion Policy funds will top-up the programme's budget, bringing it from €15 million from Malta's Cohesion Policy envelope to up to €22 million.

Three years after its launch in 2015, the programme has already triggered €60 million of financing for Maltese businesses. With this increase in the budget, overall the programme is expected to deliver €90 million of SME financing in the country.

ommissioner for Regional policy Corina Crețu said: "I welcome Malta's decision to increase the available financing under its SME initiative programme. This is a smart move that will directly benefit Maltese small and medium-sized businesses and entrepreneurs. It will give them the financial boost they need to turn their ideas into concrete projects or expand beyond their local markets."

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