First transaction under the Investment Plan in Malta

The European Investment Fund and APS Bank have signed the first SME financing agreement in Malta under the European Fund for Strategic Investments, the heart of the Investment Plan for Europe.

The agreement will allow APS to provide low-cost loans to innovative SMEs in Malta over the next two years. EIF’s guarantee is provided under the “EU InnovFin finance for Innovators” initiative with the financial backing under Horizon 2020, the EU Framework Programme for Research and Innovation. The agreement would not have been possible so soon without the backing of the Investment Plan.

This deal is the first activity under the Investment Plan for Europe in Malta. Just over a year after the European Fund for Strategic Investments began operating to boost jobs and growth in the EU, the Plan now spans 27 EU countries.

Karmenu Vella, European Com- missioner for Environment, Maritime Affairs and Fisheries, said: “I am delighted to see Malta today benefitting from the Juncker Investment Plan for the very first time. Thanks to this new agree- ment between the EIF and APS which is guaranteed under the Investment Plan, innovative Maltese businesses have access to €12 million in fresh loans. SME financing under the Investment Plan has proven to be a great success over the past year so I am very proud that Malta is now on board. I look forward to hearing of more Maltese companies applying for financing under the EFSI, for example to invest in maritime tourism and the environment.”

Speaking at the signature event in Malta, EIF Chief Executive Officer Pier Luigi Gilibert said: “I am very pleased to be signing the first InnovFin EFSI transaction in Malta, especially considering that today’s transaction with APS brings the total number of EU countries to benefit from EFSI to 27. Thanks to this EFSI deal, I am confident APS will be able to expand its support to Maltese SMEs by combining the InnovFin guarantee with their existing financing solutions.”

Marcel Cassar, CEO of APS Bank, said: “We are proud to be associated with the European Investment Fund in bringing this programme to the Maltese SME sector. APS Bank has a history of supporting innovation and enterprise of small and medium-sized firms and our involvement in facilitating their access to finance will be stepped up going forward.”