Issue link: https://maltatoday.uberflip.com/i/1376560
4 maltatoday | SUNDAY • 23 MAY 2021 NEWS For more information on the role, eligibility criteria, and how to apply please visit education.gov.mt/nla or our Facebook pages. You may also send an email to maria.grech.16@ilearn.edu.mt or call on 2598 3325. Literacy Resource Leader (IT) (Jobsplus permit 239/2021) (Jobsplus permit 238/2021) Reading Animators Application deadline - Monday 31st May 2021 at noon. We are recruiting! MATTHEW VELLA REVENUES from Malta's sale of citizenship dwindled by an estimated 75% in the pandemic year, according to figures pub- lished by the island's posterity fund, the National Development and Social Fund. During the year defined by the COVID-19 pandemic, the NDSF received 'just' €27.8 mil- lion from the Community Malta agency – what was previously known as the Malta Individual Investor Programme Agency. The downturn in revenues reflected reduced interest in the IIP, now rebranded as cit- izenship by direct investment, during the COVID pandemic, when compared to revenues of €105.9 million in 2019, €100.6m (2018) and a whopping €201.9m (2017). To date, total proceeds re- ceived since inception from passport sales amounted to €599.8 million. Of these, €364.9 million was invested, resulting in a consolidated profit for 2020 of only €64,154. The NDSF's revenues are held in three different portfolios: a discretionary portfolio which takes 30% of the passport sale revenues; a directed portfolio for 70% of the passport sale rev- enues; and an unallocated port- folio in which any cash balances are held at the Central Bank. The money in the discretion- ary portfolio, set up in 2018, is managed by the Central Bank and outsourced a portion of this portfolio to Bank of Valletta As- set Management for investments in high quality foreign financial instruments. As at end-Decem- ber, this portfolio had a net asset value of €102.6 million, having lost €500,000 over the previous year (€103.1m). The portfolio suffered at the hands of turbulent markets im- pacted by the spread of COV- ID-19, but risk mitigation meas- ures allowed the portfolio "to benefit and participate in the also unprecedented market re- covery, albeit in a limited way." This meant that during the re- maining months of the financial year, the fund was able to re- coup almost all losses. The directed portfolio, which funds social and economic initi- atives decided on by the NDSF governors, had a market value of €260 million as at end-2020. These investments are held locally in Malta Government Stocks (41%), treasury bills (22%), and domestic equities – mainly Lombard (20%) and BOV (6.1%), as well as 3% in lo- cal corporate bonds. The rest of the cash balance in the unallocated portfolio stood at €227 million. The NDSF receives proposals for social grants from either vol- untary organisations or public entities. Governors examine the proposals in a three-step pro- cess which starts from explain- ing the purpose of the social grant, and assessing whether it is line with the stated objectives of the Fund. An internal analysis is then car- ried out to determine the mon- etised social benefit of the pro- ject, according to a cost-benefit analysis presented by the poten- tial beneficiary. The NDSF also carries out a post-implementa- tion exercise to determine the efficacy of the grant. During the year, the NDSF purchased Mattia Preti's mon- umental oil on canvas painting named "Boethius and Philos- ophy" for €1.48 million from Sotheby's of New York. The ac- quisition is deemed to be an in- vestment in the preservation of Malta's cultural patrimony. The fund has committed a total of €66 million for social housing projects by the Housing Authority; €1.54 million for the Caritas Community Centre and its drug rehabilitation centres; a €10 million grant for the up- grade of 50 primary healthcare clinics and eight health centres; and a €5 million project for Lon- don apartments for the Puttinu Cares Foundation, which has not yet been disbursed. mvella@mediatoday.com.mt National Development and Social Fund: net assets Directed Discretionary Unallocated Total (in millions) 2020 €260.2 €108.7 €228.6 €597.6 2019 €95.2 €103.1 €371.8 €570.1 Passport sales to global rich down in pandemic year During the year, the NDSF purchased Mattia Preti's monumental oil on canvas painting named "Boethius and Philosophy" for €1.48 million from Sotheby's of New York. Photoo: Kevin Abela/DOI