Tourism is one of the main pillars of the Maltese economy, contributing up to 25 per cent of the gross domestic product and employing thousands of people. Throughout the Mediterranean, new tourist destinations are becoming increasingly popular and are posing more pressure to upgrade hotels, guest house accommodation, restaurants and entertainment establishments.

Supporting the tourism industry to achieve this objective, the government has allocated e10 million EU Structural Funds for the programming period 2007-2013. The funds are being made available under the Grant Scheme that will finance 30 to 50 per cent of eligible costs.

In order to assist organisations applying for EU funding under this scheme, Bank of Valletta is offering the BOV Tourism Financing Package, which is aimed at customers seeking cash management and financing. The BOV Tourism Financing Package offers both bridge and end financing, with competitive interest rates and the possibility of a moratorium.

The targeted areas under the Grant Scheme managed by the Tourism and Sustainable Development Unit are (I) Product upgrades and investment in equipment,(II) investment in environmental friendly measures, (III) investment in information technology, (IV) investment in entrepreneurship and (V) investment in marketing.

For further information, customers can visit any BOV branch or Business Centre. Alternatively, customers can call 2131 2020.