European Investment Bank (EIB)

Malta: The EIB supports an upgrade of the energy sector


Source: European Investment Bank (EIB)

The European Investment Bank (EIB) has granted a loan of 150 million euros to EneMalta Corporation, the public electricity and petroleum company in Malta, to upgrade the power supply system in the country and make it more environmentally friendly. The loan supports the largest investment in the Maltese power sector in the past fifteen years. It is also the biggest loan ever granted by the EIB in Malta.

The objectives of the EIB are twofold. Firstly, modernising the energy sector to help it meet fast growing demand, notably from businesses and industry, will boost the Maltese economy as a whole, helping to improve its economic and social cohesion within the European Union. Secondly, supporting investment in new equipment will reduce emissions of greenhouse gases, in accordance with EU’s environmental policies tackling global warming.

The loan was signed by Mr Alexander Tranter, Chairman of EneMalta Corporation’s Board of Directors, and Mr Philippe Maystadt, President of the EIB, in the presence of Mr Tonio Fenech, Finance Minister of Malta.

The EIB Board of Directors met today in Malta. The Directors representing the 27 Member States of the European Union meet once a year away from the EIB headquarters in Luxembourg. They use this opportunity to visit projects financed by the EIB and in this respect, visited the Valletta harbour, where the EIB financed the rehabilitation of a wharf and a new terminal for cruise liners. They also visited a water treatment plant in the south of Malta which benefited from a loan of 40 million euros last year.

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