Ministry welcomes financing move as Malita secures indicative funding for social housing project

The Ministry for Social and Affordable Accommodation has welcomed recent developments announced by Malita Investments p.l.c. regarding the financing and restructuring of privately led accommodation projects.

In a statement, the ministry said it had taken note of a company announcement issued in line with the Malta Financial Services Authority’s Capital Markets Rules, in which Malita Investments confirmed that it had obtained an indicative financing term sheet. The proposed financing is expected to allow the company to resume and complete its previously suspended social housing project in Luqa.

Malita Investments has been under increased public scrutiny in recent weeks amid reports of financial difficulties and internal turmoil. The situation escalated after former chair Marlene Mizzi publicly accused Housing Minister Roderick Galdes of attempting to interfere in the company’s affairs, as well as alleging inappropriate closeness between the minister and contractors during her tenure. These claims were followed shortly afterwards by the resignations of Malita’s executive chair and company secretary.

In its latest announcement, the company said that alongside the indicative financing agreement, it will be implementing a restructuring plan aimed at safeguarding the long-term financial sustainability of the Luqa project. Malita also maintained that it remains solvent and is supported by a strong capital position and asset base.

The ministry said it welcomes any development that contributes to the implementation and completion of accommodation projects, reiterating that housing remains a key national priority to ensure access to adequate homes for individuals and families. Such initiatives, it said, play an important role in strengthening social cohesion and fostering sustainable communities.

While the project is being undertaken by the private sector, the ministry reaffirmed its commitment to encouraging responsible investment in the housing sector in line with government policy and national strategies. It added that it will continue to monitor developments related to the project where appropriate and looks forward to further disclosures from the company, expressing confidence that the measures being taken will lead to the successful completion of the project for the benefit of present and future residents.