€623 million in cumulative financial support from the MDB

Last Updated on Thursday, 2 May, 2024 at 10:05 am by Andre Camilleri

“More than half a billion in support linked with COVID-19 Pandemic and the war in Ukraine” – Leo Brincat, Chairperson Malta Development Bank.

The Malta Development Bank (MDB) launched its 2023 Annual Report during a business breakfast and unveiled its Business Strategy in the presence of the Minister for Finance Hon. Clyde Caruana and key stakeholders.

In his speech and annual report statement, Chairperson Mr. Leo Brincat announced that the Bank had offered €623 million in cumulative financial support, with more than half a billion euro in support linked to the COVID-19 Pandemic and the war in Ukraine.   

He said that the new Business Strategy is designed to address the key challenges, opportunities and priorities of the Bank for the coming years. While the Bank is developing new schemes to encourage innovative business ventures, in alignment with public policy, we are also focusing on reducing financing gaps associated with digitalisation, innovation, research and climate change.  

The Bank’s Chief Executive Officer, Mr Paul V. Azzopardi stated that “During the first six years of operations, the Bank sanctioned 1,363 facilities to 1,272 businesses and students. Moreover, for the second time, I am also pleased to report a profit before provisions for 2023 of €3.8 million compared to €1.2 million in 2022.”

In 2023, the MDB’s efforts were devoted to the promotion of the Bank’s flagship schemes for SMEs and students, Mr Azzopardi said. As at end-2023, the total cumulative assistance, in terms of both direct and guaranteed loans, reached €623.3 million, largely reflecting the exceptional role played by the Bank during the Pandemic.

When compared to end December 2022, MDB’s assistance rose by €41.5 million. The latter, reflects assistance in terms of increased access to finance for new investment, higher liquidity support as part of the measures in response to the war in Ukraine, as well as an increase in guaranteed soft loans to students.

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