The Parliamentary Secretary for EU Funds and EU Presidency 2017 Ian Borg, has today launched the SME Initiative by pledging more EU Funds for SMEs and said that this would open up new doors for SMEs and their investments.

For the purpose of the SME initiative, the government of Malta is allocating the amount of €15 million from its EU Structural funding. Dr. Borg said that the number of SMEs to benefit from these funds was expected to be eight hundred and forty-five (845), whilst the expected investment to be leveraged by this financial instrument could go up to at least €60 million.

Dr. Borg was addressing a business breakfast this morning aimed at local banks in the presence of the EIB (European Investment Bank) group during which details of the SME Initiative were revealed.

Dr. Borg explained how in recent months his work had brought him closer to SMEs from all walks of life and he acknowledged the fact that SMEs needed help to invest in order to be smarter, more focused and at the same time act as a tool to achieve the EU 2020 strategy.

He said that a public call for the selection of the financial intermediaries (FI) will be launched in the coming weeks. Once the selection process is completed, SMEs will be able to start reaping the benefits of this instrument.

Dr. Borg emphasised that EU Funds for SMEs aims to harmonise other actions taken at national level in support of SMEs by using structural funds (ERDF) together with other EU resources.

Also present during this morning’s business breakfast were representatives from the European Investment Bank (EIB) along with all CEOs of local leading banks.

Photograph: DOI/Omar Camilleri

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