MDB-European Court of Auditors meeting: Upgrading of InvestEU status discussed

The upgrading of the Malta Development Bank’s InvestEU status to that of an Implementing Partner was discussed during a meeting at the Malta Development Bank. MDB Chairman Leo Brincat and its officials hosted at their Floriana offices Dr George M Hyzler, the Maltese Member of the European Court of Auditors and his Cabinet.

Mr Brincat explained that this can materialise once the Bank completes successfully the Pillar Assessment, an extensive European Commission audit that should be concluded imminently.

During the same meeting Mr Brincat stressed the Bank’s commitment to adhere to best European practices, as commended by the National Audit Office in their assessment of the Bank’s Covid-19 Guarantee Scheme.

He stated further that ‘The Bank wanted to make best use of EU funding opportunities to effectively position itself as businesses’ gateway to finance.’

The MDB made it clear that while it fully understood that it was ECA’s task to audit and monitor the implementation of the EU’s €800bn Recovery Fund, on its part the Bank considered it part of its mission to serve as an important vehicle for Malta’s socio-economic and environmental transformation towards the Green and Digital paths set out in the same Recovery Fund.

While the ECA Work Plan 2024 includes focus on State Aid applications in times of crisis, particularly both during the Covid-19 pandemic and the war in Ukraine, the MDB explained how it had issued a number of successful financial instruments linked to both crises.