Issue link: https://maltatoday.uberflip.com/i/1502390
5 NEWS 29.6.2023 MDB signs agreements with BOV, HSBC and APS to strengthen support for SMEs THE Malta Development Bank has announced the signing of strategic agreements with three leading banks to serve as intermediary partners for its two new flagship financing schemes. Each of these banks brings a wealth of experience in supporting Maltese busi- nesses and shares the MDB's vision of driving economic growth and sustain- ability through targeted financing solu- tions. By working together, the MDB and its intermediary partners will offer a com- prehensive suite of benefits to SMEs, including lower interest rates, reduced collateral requirements and better credit terms. ese partnerships mark a significant milestone in MDB's commitment to fostering the growth and development of SMEs in Malta. As part of these agreements, the MDB will collaborate closely with the banks to provide tai- lored financial products and services to businesses. By leveraging the banks' extensive networks and expertise, the MDB aims to facilitate access to fund- ing, promote innovation, and empower SMEs to thrive in today's competitive business landscape. ese two schemes, the SME Guar- antee Scheme and the Guaranteed Co-Lending Scheme, which together carry a portfolio of up to €180 million in new loans, seek to encourage en- trepreneurs to invest in projects that contribute to growth in a variety of traditional and innovative economic sectors. Access to these schemes is now avail- able through these intermediary banks. e SME Guarantee Scheme supports investments of up to €750,000 while the Guaranteed Co-Lending Scheme can address the financing needs of larger projects up to €10 million.In line with national and European-wide pri- orities, the Schemes also serve as a tool to mobilise private investment through risk mitigation and will support firms in undertaking the climate and digital transitions required to meet existing challenges and prepare themselves for further growth. MDB Chairman Prof. Josef Bonnici said: "is agreement is a major break- through for business operators and a key milestone for the MDB since it is the first intermediation agreement with the local banking industry, be- sides the Covid-19 Guarantee Scheme, which sees three major banks on the Maltese islands joining forces with us to offer businesses with simplified and cheaper access to finance, allowing firms to address the current challenges and implement the necessary transfor- mation to keep growing in the years ahead". MDB CEO Paul V Azzopardi ex- pressed enthusiasm and confidence in the combined expertise and resources these banks bring to the table. "We are thrilled to join forces with BOV, HSBC and APS to drive the growth and pros- perity of SMEs via new investment in traditional sectors of the economy as well as the new sectors of climate im- provement, digitalisation, and sustain- able economic activity. By leveraging our collective strengths and market presence, we will provide SMEs with the necessary financial support to re- alize their ambitions and contribute to economic development." THE Convenience Shop (Hold- ing) p.l.c. has announced its listing on the Malta Stock Ex- change, marking a significant milestone in the company's history. The Convenience Shop Group has successfully com- pleted its Initial Public Offering (IPO), and this listing opens up new avenues of growth and op- portunities for the company. The Convenience Shop Group was founded 14 years ago by Ivan Calleja and Joseph Pace, with a vision to cater to the modern Maltese lifestyle by bridging the gap in the Fast-Moving Con- sumer Goods (FMCG) retail sector. Since then, the group have come a long way. Calleja and Pace, together with Manuel Piscopo and Kevin Deguara forged a path of growth, inno- vation, and success, under the leadership of the Group CEO, Martin Agius. Key milestones by end of 2023 include the opening of four ad- ditional franchised stores, the opening of their head office and flagship store in Qormi, as well as a new partnership with the National Lottery. The company's expansion strategy includes reaching a sig- nificant milestone of opening its 100th shop by mid-2024, so- lidifying its presence and bring- ing convenience closer to more communities. In addition to physical growth, The Convenience Shop Group is committed to enhancing the shopping experience for its cus- tomers. In 2024, the company will unveil a fresh and modern look and feel within its shops, ensuring it remains at the fore- front of evolving customer pref- erences and needs. Looking further ahead, The Convenience Shop Group as- pires to make its first interna- tional placement by 2025, ex- panding its reach and tapping into new markets. During the ceremony, the Chairman of The Convenience Shop Group, Benjamin Muscat, expressed his sincere apprecia- tion to the investors who have placed their trust in the compa- ny through the IPO. He assured that the company is committed to generating consistent re- turns, enhancing shareholder value, and maintaining a trans- parent and accountable ap- proach. The Convenience Shop (Holding) p.l.c. marks listing on MSE with ringing of the bell ceremony Central Bank of Malta's June Economic Update shows no annual growth in May business activity The Convenience Shop (Holding) p.l.c. marks listing on MSE with ringing of the bell ceremony THE Bank's Business Conditions Index indicates that in May, annual growth in business activity was broadly unchanged compared to the previous month, and stood above its long-term average, estimated since January 2000. e European Commission's confidence surveys show that economic sentiment in Malta decreased in May, when compared with a month earlier, and stood above its long-term average, which is estimated since November 2002. In month-on-month terms, sentiment fell across all sectors, with the strongest decline recorded in the retail sector. Additional survey information shows that in May, price expectations stood firmly below their year-ago level in the retail sector, and to a lower extent, in industry and among services firms. By contrast, price expectations in construction were significantly above the level recorded in May 2022. In April, industrial production grew at a faster pace, while retail trade rose at a slower rate on a year-on-year basis, when compared with March. e unemployment rate returned to the historic low of 2.8% in April, margin- ally lower than the rate of 2.9%, registered in the previous month, and that of 3.0% registered in April 2022. Commercial building permits decreased in April, rel- ative to their year-ago levels, and in month-on-month terms. By contrast, residential permits rose. In May, the number of promise-of-sale agreements rose on a year-on-year basis, while the number of final deeds of sales fell. e annual inflation rate based on the Harmonised Index of Consumer Prices (HICP) stood at 6.3% in May, down from 6.4% in the previous month. On the other hand, in- flation based on the Retail Price Index (RPI) edged down to 5.7%, from 5.8% in April.