The National Development and Social Fund had received more than €360 million from the citizenship for sale scheme by the end of November, its board of governors has announced.

The NSDF is a government agency established for the purpose of managing and administering seventy per cent of the contributions received from the Individual Investor Programme (IIP).

By 30 November the fund had recorded total revenues of €360,561,597.

Funds received by the NDSF are held in a segregated account in the name of the NDSF with the Central Bank of Malta.

During the month of November, the Fund has acquired the nil-paid rights issued to UniCredit S.p.A, as part of the €150,000,000 rights issue by Bank of Valletta p.l.c. (“BOV”). 

The new BOV shares will form part of NDSF’s long-term Directed Investment Portfolio, and will result in the Fund acquiring around 2.91% of BOV’s total shareholding.