Bank of Valletta in conjunction with the Local Councils’ Association through the Philoxenia project foresees the support to a limited number of micro-enterprises to be set up in localities defined as rural zones. The project envisages financial, technical and cultural support to the entrepreneurs wishing to establish themselves in the target zones to create their micro-project and also to contribute to the vitality of these rural localities.

This package was launched during a press conference held at BOV’s Head Office in Santa Venera and addressed by Dr Chris Said, Parliamentary Secretary for Consumers, Fair Competition, Local Councils and Public Dialogue and Tonio Depasquale, CEO at Bank of Valletta.

“A number of new micro-enterprises will be set up through the assistance of the BOV Philoxenia Advisory and Financing package,” said Mr Depasquale. “This package provides personalised mentoring services through the BOV EU and SME advisory services to boost the entrepreneurship skills of these Start-Ups and information and assistance in tapping into EU funding opportunities both locally and at a pan European level.”

“Bank of Valletta will also provide a start-up financing package in terms of overdraft and loans to finance working capital requirements and capital investment in tangible and intangible need,” continued Mr Depasquale.”The package also provides the maximisation of local and pan European network, strategic alliances and partnerships for the Start-Up individual and business needs.”

Mr Jimmy Magro Executive Secretary of the Local Councils’ Association said that “the Local Councils’ Association through this project is strengthening synergies with Bank of Valletta in order to tap into European Union funding opportunities for Local Councils in Malta and Gozo. He further stated that this joint initiative is build on the Association’s commitment to sustainable development and better living conditions for the communities.”

The Philoxenia project is partly financed by the European Union Programme Med 2007-2013, co-financed by the European Regional Development Fund. The project has also been benefitted from the Local Councils’ Co-Financing Fund set up by the Parliamentary Secretary for Consumers, Fair Competition, Local Councils and Public Dialogue.

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