PRESS RELEASE BY THE MINISTRY FOR THE ECONOMY, EUROPEAN FUNDS AND LANDS: €35m from Recovery and Resilience Fund for digitalisation and energy efficiency projects

PRESS RELEASE BY THE MINISTRY FOR THE ECONOMY, EUROPEAN FUNDS AND LANDS: €35m from Recovery and Resilience Fund for digitalisation and energy efficiency projects

Reference Number: PR220587, Press Release Issue Date: May 10, 2022
 
Minister for the Economy, European Funds and Lands Silvio Schembri and Parliamentary Secretary for European Funds Chris Bonett held a consultation meeting with a number of social partners and associations on the Recovery and Resilience Funds.

The Recovery and Resilience Plan (RRP) for Malta addresses the need for a strong and immediate recovery. Reforms and investments in the plan are aimed at making Malta more sustainable, resilient and better prepared for the challenges and opportunities of green and digital transitions.

The implementation of this €316.4 million recovery plan is designed to leave an immediate impact and therefore all reforms and investments must be completed by August 2026. A total of €35 million of these funds will be used for digitalisation-related projects; with €5 million for SMEs and €10 million for projects tied to the tourism and cultural sectors. Whilst €20 million will be used for schemes promoting more energy efficiency in buildings. These funds will be launched in the coming days.

Minister Schembri stated that the private sector is the backbone of Malta's economic development, an economy that during the difficult pandemic years has shown to be resilient. “Therefore, consultation is underway with social partners to see how these funds can be best used for green and digitalisation projects. Over the last few years, we have realised more than ever the importance that businesses reduce as much as possible energy consumption and speed up their digital transition while also using new tools to make their operations even more efficient,” Minister Schembri said.

Minister Schembri concluded by urging businesses and enterprises to start thinking of investments in a bid to benefit from these funds.

Meanwhile, Parliamentary Secretary Chris Bonett said that the government did not just draft its own schemes but chose to consult with social partners and associations beforehand so that the schemes are drafted together will all those involved.

“Before moving ahead with the launch of the schemes, we preferred to rope in and share certain details with stakeholders and listen to their suggestions for the benefit of all,” Parliamentary Secretary Bonett said.

Minister Schembri and Parliamentary Secretary Chris Bonett thanked all stakeholders who took part in the discussion and expressed their wish to see that such funds are used in the best possible way to enhance economic growth.