While visiting work-in-progress on the building known as the Treasury, Mr Mugliett said that once the Cottonera project is finished, it will revive commercial activity in the area.

He said that this will complement other commercial activity in the area, which already boasts the Casino di Venezia, the Grand Harbour Marina and Caraffa Stores.

The first phase of this project, which began in March, covers the rebuilding of the ceilings of the Treasury and this will be followed by the installation of services. The building should be ready by the end of the year.

The Treasury has an area of 1,500 square metres which will be rented out to various commercial entities and The Grand Harbour Marina will be operating from this building.

Dr Edwin Mintoff, the architect overseeing the project, said that the refurbishment is being carried out to a high standard. A considerable amount of restoration work is being done, especially on parts of the building which date back to the Knights of St John. He said that special attention is being paid to ensure that the structure does not lose its features and identity.

Dr Mintoff also said that the project will link upper and lower parts of Vittoriosa, thanks to a spiral staircase which is also being refurbished.

Mr Mugliett also visited the work being carried out at the mall known as il-Mall ta’ Sant’ Anglu. Apart from the re-alignment process that is being funded by the government, the Grand Harbour Marina is sponsoring the building of an extension to the mall.

The mall, which presently covers 3,652 square metres, will be extended by 952 square metres, with an extension of 50 metres towards Fort St Angelo. This extension will make it possible for superyachts to berth there.