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2 NEWS 9.2.2023 THE Malta Development Bank's stu- dent loan schemes, the FSMA and its successor the FSMA+, have been a veritable success among young people and senior alumni with some 430 stu- dents accessing in excess of €15 mil- lion to continue with their education. Access to such soft loans has allowed Maltese students to take up courses not only in traditional fields but also in innovative ones, such as sports man- agement, health management and data intelligence, educational inclusivity, environmental economics and climate change as well as advanced courses in special education. e Further Studies Made Afforda- ble plus (FSMA+) scheme is a finan- cial instrument implemented by the MDB through EU funds from Malta's European Social Fund Operational Programme. It helps students access highly favourable financial terms to cover expenses related to tuition fees, as well as accommodation, living and travelling expenses when such courses are followed abroad. e scheme, which is intermediated by Bank of Valletta through the BOV Studies Plus+, had originally been launched in 2019. e first scheme generated over €9 million in new study loans. With the available funds be- ing quickly taken up, a second, larger scheme was set up which made avail- able an additional loan portfolio of up to €15 million. Besides offering a significantly re- duced interest rate, the scheme offers a moratorium on both capital repay- ments and interest for the period of study plus 12 months. Hence, the stu- dent is not required to make any pay- ments during the period of study and will also have an additional year to seek employment. No additional fees and processing fees are charged and no collateral, life insurance and up-front contribution are requested. It is a scheme designed to fit the requirements of students at a stage in life where they lack finan- cial resources and require peace of mind during their studies, without the anxiety of having to cope with loan repayments. e interest on the loan during the moratorium period is fully subsidised thanks to EU funds made available by the Managing Authority through its implementing partner the MDB. e FSMA scheme was recently identified as one of the three best case studies of blended schemes in the EU by Fi-Compass, a platform for advisory services on financial instruments un- der EU shared management. Prof Josef Bonnici, Chairman of the MDB, welcomed this update: "It is very positive to see hundreds of stu- dents taking up this scheme to contin- ue with their studies corresponding to their desired career path. It is also very encouraging to note that many are opting to take up fields of study which reflect the emerging econom- ic trends, thereby contributing to en- hance the human resource base which is necessary for the country to grasp the opportunities of the new digital and green economy". MDB CEO, Mr. Paul V. Azzopardi added: "Although local educational institutions offer an increasingly var- ied array of study choices, students seeking specialisations in innovative niches often need to travel abroad for their studies. is entails a significant economic outlay. With this scheme an- yone can follow studies irrespective of family resources. We are very proud to assist in students' career development through this advantageous scheme and we encourage more students to con- tact us, or Bank of Valletta, to discover more about this opportunity". FSMA+: 430 students benefit from €15m in financing from MDB schemes MATTHEW VELLA MALTA and seven other member states said that as long as Europe does not enforce a mandatory relocation of asylum seekers, or returns of failed asy- lum seekers, the EU will be itself a 'pull factor' for migrants smuggled at sea or over land borders. e call comes in a letter signed by the prime ministers of Austria, Denmark, Estonia, Greece, Lithuania, Malta, Lat- via and Slovakia that argues "that na- tional and local authorities are strug- gling to cope with the influx" and that member states should be giving priority to people in need of international pro- tection, "including the Ukrainians that have been displaced in light of the Rus- sian aggression." "e socioeconomic effects of the COVID-19 pandemic, which are now being fueled by higher energy prices, in- flation and a potential economic down- turn, could exacerbate irregular migra- tion. In addition, structural factors such as climate change, population growth and conflicts, as well as the hybrid at- tack and the instrumentalisation of mi- gration by authoritarian regimes, are likely to increase migratory pressures in the future." e countries said over half of asy- lum claims filedin the EU were deemed unfounded and rejected, but less than one-third of these claimants were being returned. "is leads to further strain on public finances and erodes public support and credibility for the asylum system as a whole." "e current asylum system is bro- ken and primarily benefits the cynical human smugglers who take advantage of the misfortune of women, men and children," the governments said. ey called for a comprehensive, Eu- ropean 'whole-of-route approach' that includes aerial surveillance of maritime borders. ey asked that Frontex fully assume a central role in European border man- agement, with returns and to prevent unauthorised border crossings at land and sea borders. ey demanded an increase in expidit- ed returns of failed asylum seekers, safe third-country arrangements, alignment of visa policies of priority third coun- tries, and awareness campaigns aimed at potential irregular migrants. "As political leaders, we need to act decisively to prevent another large- scale migration crisis. We look forward to discuss these ideas and achieve tan- gible progress at the upcoming meeting in the European Council." Migration: Malta among eight states calling for more fortification and deportation Malta and seven other EU member states tell Council they want fortified border management and an increase rate of return for failed asylum seekers

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