Bank of Valletta and the Malta Hotels and Restaurants Associations (MHRA) renewed their collaboration last Thursday. This was announced by Mr Tony Zahra, President of the MHRA and Mr Kenneth Farrugia, Chief Business Development Officer at Bank of Valletta during the seminar in which the Q1 2016 quarterly BOV MHRA Hotel Survey published by Deloitte was released.

The collaboration between Bank of Valletta and the MHRA goes back ten years, a period during which the tourism industry continued to grow and become a key contributor to the Maltese economic growth.

During his speech, Kenneth Farrugia expressed the Bank's satisfaction at consolidating this working relationship between the two parties. "The MHRA Hotel Survey is one example of the benefits reaped from this collaboration. This study has become a reference point for the operators in the sector, providing critical insight about hotel performance and market trends."

Mr Farrugia spoke about the tourism industry, an industry that is flourishing in spite of the geopolitical tensions it is facing. "Bank of Valletta reiterates its commitment towards supporting the Maltese operators in this sector to drive their business forward. We are doing this through the sustained cooperation with the MHRA, responsible provision of credit and innovative payment solutions."

Mr Zahra thanked Bank of Valletta for the continuous support. "Bank of Valletta's support is enabling us to take effective steps to ensure a sustainable tourism industry. Since it was set up in 1958, the MHRA has represented the interests of hoteliers and restauranteurs on the islands, acting as a lobby group to ensure the policy decisions taken on the island are in line with what the tourism industry needs to flourish. The quarterly survey being released today is a critical tool to help us in this mission."