Last Updated on Tuesday, 21 March, 2023 at 3:22 pm by Andre Camilleri
A total of €3.7 billion stemming from foreign investment was recorded during 2022, Labour Party MP Cressida Galea said on Tuesday.
This equates to an increase of around €1 billion when compared to the previous year.
Galea was addressing a Labour Party press conference together with Housing Minister Roderick Galdes to mark the first year of the new legislature.
Galea continued by stating that during 2022, the country’s economy grew by 6.9 per cent “which was double the European median”, whilst also reminding that these results were achieved while facing external pressures such as the Covid-19 pandemic and “other international challenges”.
She said that a total of 16,000 new jobs were also created in 2022, which she added is also higher than the European median.
In comparing the use of utilities, Galea said that in Malta during the year of 2022 there was an increase of 10 per cent when compared to other European countries.
She said that this was possible thanks to governmental subsidies “as it managed to keep the prices of energy and fuel under control.”
She said that economic growth is the basis upon which other proposals need to become realities “and this party shows it with facts”.
On his part, Minister Galdes continued by listing all the housing schemes the government has been constantly implementing, adding that prior to 2013 there had only been one Housing Authority scheme.
Last February, Prime Minister Robert Abela announced a new measure for first-time property buyers, who, under the new scheme, will get €10,000 over ten years – €1,000 each year.
Housing Authority CEO Matthew Zerafa detailed the eligibility of applicants for this grant, saying that people need to meet two simple criteria; that the residential property was purchased by a first-time buyer from 1 January 2022 onwards, and that one has to have obtained a bank loan for it.
Those who satisfy the criteria will be granted €1,000 every year for ten years, amounting to €10,000, to help with their home loan repayments.