Euros

The European Commission has given a positive assessment to Malta’s modified recovery and resilience facility (RRF) plan which sees investment removed from two projects amid rising costs and an improved economic outlook.

Malta has removed two investments from the RRF plan, the construction of a new ferry dock at Bugibba, and the setting up of a Centre for Vocational Educational Excellence ITS Campus.

In addition, two measures were scaled down related to the digitalisation of the health sector and renovation of Mount Carmel public hospital

Changes were made to Malta’s original plan in part due to the need to factor in supply chain disruptions triggered by the Russian invasion of Ukraine. This has contributed to a persistently higher rate of inflation and has caused investments to be more expensive, causing delays.

In addition, there has been a downward revision of the maximum RRF grant allocation Malta was set to receive, from €316 million, to €258 million, in light of an improved economic outlook for the country.

However, Malta has added a new chapter to its plan which includes the addition of a reform and an investment, to deliver on the RePowerEU plan. This plan is intended to make Europe free from Russian fossil fuels before 2030.

The new investment is intended to strengthen and extend the country’s electricity distribution network through investments in the grid, distribution services and battery storage. Whereas the reform involves streamlining permitting procedures of renewable energy projects, making solar energy installations mandatory for certain new buildings.

Despite a downward revision of RRF grant, on balance Malta’s plan will receive additional funding from its share of the Brexit Adjustment Reserve (BAR) worth €40 million, and €29.9 million from the country’s share of the REPowerEU grants.

Moneybase promises 48-hour turnaround for opening business accounts

February 19, 2024
by Rebecca Anastasi

Calamatta Cuschieri’s Moneybase Business aims to streamline financial processes, and offer a personalised easily accessible, automated service driven by client-needs

European Commission revises Malta’s economic growth projection upwards to 4.6%

February 15, 2024
by Anthea Cachia

Projections were published on Tuesday as part of the European Commission’s 2024 winter economic forecast

Going beyond the basics: How BOV is investing in the future well-being of its people

February 9, 2024
by BN Writer

One year post its Voluntary Occupational Pension Scheme launch, BOV remains committed to being an employer of choice