MDB and EIB are natural partners to facilitate the island’s economic transformation process

Last Updated on Friday, 15 March, 2024 at 10:16 am by Andre Camilleri

While welcoming the European Investment Bank Group (EIB) Vice President Gelsomina Vigliotti at the Malta Development Bank’s Offices in Floriana, Bank Chairperson Leo Brincat described the MDB and the EIB as natural partners to facilitate the country’s economic transformation process and deploy the respective institutions’ full potential.

While the MDB is the national development bank on the islands, the EIB is the world’s largest international public bank.  

Brincat said that this was underlined by the fact that both institutions were committed to the same core policy priorities based on fully supporting the twin green and digital transitions. This should help speed up the adjustment needed to tackle the new reality in a manner that will enhance Malta’s competitiveness while further crowding in the private sector.

This was even more so given the institutions’ joint commitment to close the investment gaps in the innovation, new technologies and clean energy sectors while scaling up support for SMEs and reinforcing efforts in the social infrastructure areas.

Vigliotti underscored the pivotal role of the MDB as a strategic partner of the EIB in driving economic growth and climate action in Malta. She reiterated that this key collaboration is highlighted by the agreement finalised last November, aimed at unlocking additional resources for local entities across both the private and public sectors. These funds will be directed towards initiatives focused on promoting sustainable mobility, renewable energy production, energy efficiency enhancements, and recycling projects.

Both parties are firmly committed to fostering entrepreneurship and driving socio-economic development through environmentally conscious investments, in alignment with their respective institutional missions.

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