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5 NEWS 29.4.2021 THE Malta Development Bank (MDB) has transformed itself into a key channel for the delivery of economic and financial support measures against the challenges posed by the pandemic, while also de- livering incentives intended to revitalise Malta's economy during the prospective recovery phase. In its Annual Report for 2020 tabled in Parliament yesterday by the Minister for Finance and Employment Clyde Caruana, the MDB gave details of how hundreds of businesses employing tens of thousands of employees benefitted from the MDB's support throughout the past year. Despite originally being founded with the primary objective of addressing the funding gaps of SMEs and infrastructur- al projects, the Bank quickly responded to the needs of the economy to support companies of all sizes in all economic sectors and to provide a broader range of financing that fit the needs of businesses during such unprecedented circumstanc- es. e major support measure implement- ed throughout 2020 was the COVID-19 Guarantee Scheme, through which the MDB facilitated over €400 million in working capital loans through nine com- mercial banks, supporting more than 500 businesses, accounting for around 30,000 employees. e COVID-19 Guarantee Scheme pro- vides a guarantee of 90% on all eligible loans and also includes an interest rate subsidy. It has therefore significantly en- hanced access to bank financing for work- ing capital, reduced the cost of borrowing, making credit more affordable, and even eliminating the need for collateral for the smallest enterprises. At the same time, the MDB has also continued to support investment to ena- ble the country achieve a higher level of growth through increased value-added, while promoting social inclusion, a clean- er environment, provide more opportuni- ties for students and improve the quality of life. Two notable examples of such support measures are the SME Invest scheme, through which the MDB helped SMEs across a number of different economic sectors undertake new investment in 96 projects worth almost €30 million and the Further Studies Made Affordable scheme, which helped close to 200 students fur- ther their studies under very favourable conditions. In parallel to this activity, the Bank con- tinued strengthening its organisational setup, enhancing its technical capacity and knowledge while investing in its hu- man resources to be able to take on more responsibilities in the near future includ- ing an important role in mobilising the InvestEU guarantees in Malta over the coming years. On the publication of the report, MDB Chairman Prof Josef Bonnici expressed his confidence with regard to Malta's eco- nomic recovery. "Malta's business community has shown remarkable resilience in combatting the dire economic effects of the pandemic, and we can be proud of the role that the Bank has played," he said. "ere is more to do, and we will definitely not rest on our laurels. We are now looking forward to ensuring that we can continue support- ing the economy in a post-COVID-19 re- covery period." MDB Chief Executive Officer Rene Sal- iba said that the MDB is already at work to identify how it can deliver a better product to its beneficiaries which serves as strong and innovative stimulus in the upcoming recovery. "While we are very pleased with the results achieved so far, we are reviewing our initiatives, analysing market develop- ments and originating new ideas," he said. "Our intention is to support, encourage and facilitate Malta's rapid resurgence as a vibrant and fast-growing economy in the months ahead." e full Annual Report is available on the MDB website. MDB supports economic revitalisation in unprecedented times PAUL COCKS OPERATORS in the tourism industry have been excempt from paying any li- censes and fees due to the Malta Tour- ism Authroity for all of 2021, tourism minister Clayton Bartolo announced today. This scheme is one of a number of measures introduced by the govern- ment in a bid to prop up the industry as the country prepares to fully open its doors to tourists again from 1 June. Bartolo said that the 10,000 or so op- erators and businesses in local tour- ism industry will be saving €4 million that would have otherwise been due to the MTA. The fees for 2021 are not being deferred but written off com- pletely. Businesses which will benefit from this scheme include hotels, guest- houses, hostels, self-catering, restau- rants, bars, travel agents, tourist vil- lages, take-aways, kiosks, nightclubs, self-drive car and motorcycle hire, coaches, mini-buses, taxis, garage hire, diving centres, souvenir shops and language schools. With regards to language schools, Bartolo said the government would be announcing additional measures di- rectly affecting this sector next week. As to what to expect come 1 June, Bartolo said the government was not being guided by tourist target figures but was instead focusing on guiding the industry back to a sound footing and profitability. "Operators are reporting encour- aging interest, but situation remains very fluid," he told MaltaToday. "That is why we, and the MTA, will be close- ly following local and international developments so as to be able to ad- just our marketing strategy as neces- sary." Bartolo said the country was on track to be one of the first to introduce a COVID-19 vaccination certidicate system, possibly the Digital Green Pass being discussed on EU level. "We will await the outcome of the EU discussion on the Green Pass, but we will definitely be one of the first countries to adopt a certification system," he said. "Hopefully this will come about before 1 June." Tourism license fees cancelled for 2021 in government bid to prop up industry Clayton Bartolo Clayton Bartolo

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