EU Loans Malta A Whopping €30 Million For Its Green Transition
The Malta Development Bank (MDB) has officially been given €30 million by the European Union (EU) to accelerate its green transition, particularly with regard to small and medium-sized companies as well as public sector entities.
The sizeable amount was loaned by the European Investment Bank (EIB) which is the lending arm of the union, to finance much-needed small-scale green investments “on favourable conditions”.
This operation aims to promote sustainable mobility, renewable energy production, energy efficiency, and recycling.
Small and medium-sized enterprises (SMEs), mid-caps, and local authorities willing to invest in projects that contribute to the fight against climate change will also be given access to credit by the MDB.
Investments eligible under this programme include a wide range of green initiatives such as electric vehicle charging infrastructure, solar photovoltaic installations, energy efficiency in both public and private buildings, as well as waste recycling projects.
In addition to the €30 million, the EIB will also provide advisory services to the MDB to further identify and implement green projects and to expand its environmental sustainability capacity and financing, thanks to a complementary agreement.
These services were developed under the Green Gateway programme and launched by the EIB and the European Commission and they’re supposed to help MDB build capacity in sourcing and assessing the eligibility of green projects while supporting them in reporting to the EIB.
“This partnership will not only have a positive environmental impact but will also support employment in Malta by financing small-scale private and public investments throughout the country,” the investment bank stated.
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