Malta Enterprise, the Malta Development Bank, and Malta Industrial Parks have signed a memorandum of understanding with the aim of assisting businesses of all sizes and from all sectors in raising finances and qualifying for a business loan.

The agreement, it was explained, will provide a more holistic approach to better reflect the growing financial demands of the economy and the emergence of new industries.

Economy Minister Chris Cardona, who along with  Finance Minister Edward Scicluna presided over the signing, said that the agreement will create the foundations for sustainable growth, and will help in the government’s strategy to diversify the economy and foster a culture of innovation and entrepreneurship in the country.

Speaking with regards to the Malta Development Bank, Scicluna said that the bank will be primarily committed to offering support to socio-economic projects that are in the public’s interest and would be beneficial to the country’s economic growth.