Issue link: https://maltatoday.uberflip.com/i/1510811
3 NEWS 2.11.2023 Moneybase payment services are brought to you by Moneybase Ltd C87193, which is licensed by the MFSA to transact the business of a Financial Institution in terms of the Financial Institutions Act, Cap 376. All investment services are brought to you by Calamatta Cuschieri Investment Services Ltd C13729 which is licensed by the MFSA to undertake investment services business under the Investment Services Act, Cap 370. Let's talk business. Supercharged global payments from a trusted local business account. Open an account within 48 hours Get started on moneybase.com Part of the Calamatta Cuschieri Group FROM PAGE 1 Following the series of power cuts over the summer, the PM had prom- ised social partners that government would be doubling its allocation for upgrading the country's distribution network. Dalli said that additional funding, allocated across various line items, would also be directed towards the enhancement of the national power grid. She said some €28 million would be coming through EU funds under the European Commission's REPower EU strategy, while an additional €12 mil- lion was marked under the budget line item 7450 as "energy infrastructure". "Our plan is that all of this money is spent next year, as we had promised the MCESD," Dalli said. "This is so that we can keep strengthening the general infrastructure that deals with the distribution and generation of electricity." Addressing the media during the press conference, Dalli said enterpris- es in Gozo and Malta have saved close to €370 million in electricity bills over a span of two years "owing to the gov- ernment's decision to retain price sta- bility and absorb the increases in in- ternational oil prices." "The Maltese economy flourished and grew 10 times the European av- erage, thanks to the Labour Govern- ment's decision to absorb the increase in oil prices. By taking this proactive step, we have cushioned the blow to the economy, which other countries are experiencing. Instead, we have continued to create a favourable en- vironment for businesses and indi- viduals alike to thrive. As a result, our economy has witnessed a significant expansion, with a growth rate that is close to 10 times higher than the aver- age in Europe," she said. Dalli also visited De La Rue on Wednesday, where works are under- way as the company is expanding its factory to 29,000sqm, in a multi-mil- lion investment set to create some 100 new jobs. De La Rue's management explained how the company was in- vesting in a state-of-the-art factory, that would be energy efficient and al- low it to extend its industry 4.0 jour- ney. Addressing the press, Minister Dalli reiterated the government's commit- ment to support businesses, pushing forward a knowledge-intensive econ- omy based on sustainable practices where innovation and the blue and green economies can thrive. "We have doubled the budgetary al- location for projects and measures, operated by Malta Enterprise, to sup- port businesses and start-ups invest- ing in research and innovation, skills, digitisation and energy efficiency amongst others. A budget allocation of €60 million," Miriam Dalli said. Focus on strengthening distribution and generation of electricity A second interconnector remains a priority for government