A new Church fund launched on Monday will help tackle the growing economic inequality between the ‘haves’ and ‘have-nots’ in Malta, said former minister and Central Bank governor Josef Bonnici. 

The Voluntary Solidarity Fund aims to address “socio-economic decay” that has started to take hold in Malta.

Prof. Bonnici, who will oversee the new fund, told reporters that as the island’s economy developed further, the disparity between the successful and those struggling to make ends meet would continue to grow.

The fund, he said, would not give hand-outs to those on the lower end of the ladder, but would instead be focused on helping get people back on their feet by investing in them.

Our approach is going to be based on the principle of teaching a man to fish

“Our approach is going to be based on the principle of teaching a man to fish,” he said.

The fund will, for instance, offer financial assistance in the form of interest-free loans for people aspiring to set up their own business, or looking to undertake training or further their education, he said.

The Archdiocese of Malta made the first contribution to the fund with a €5,000 donation. A board will start reviewing applications for assistance as they come rolling in.

Auxiliary Bishop Joseph Galea Curmi said the solidarity initiative would not be taking the place of any existing Church organisations such as Caritas, but would work in tandem with them, complimenting their work.

“We hope, through this fund, to help people get back into a more productive and dignified life," he said.

The fund is part of an international initiative based on a call by Pope Francis for solidarity to be put into practice.