Bank of Valletta is increasing its commitment towards the development of the tourism sector through the Interest Rate Subsidy Scheme.

The government, through Malta Enterprise is subsidising interest rates on bank business loans to restaurants and hotels for refurbishment and expansion projects. Bank of Valletta, through its EU and SME Desk is assisting its customers in benefiting from this scheme.

At present, BOV is financing over €245 million worth of tourism related projects. The bank has helped tourism operators benefit from EU Structural Funds with its financing and co-financing tourism packages and value-added services to enhance Malta’s competitiveness in the tourism sector. The bank is now committed to offer its expertise to its customers to tap into lower interest rates on borrowing through the Malta Enterprise Scheme.

Tourism prospects

Last year, the tourism sector contributed over €1.1 billion to the local economy and brought over 1.3 million visitors to the islands. Malta International Airport registered a 14.9 per cent increase in passenger movement during January 2011 over the same period last year.

The increase in airline seat capacity both from legacy and local cost carriers has contributed to the generation of these positive results. Prospects for further positive results for 2011 depend on seat capacity and the economic performance in our source markets, particularly with the implementation of austerity measures by European states.

For more information, contact BOV’s EU and SME desk on 2275 5779 / 2275 3303 or via e-mail on [email protected] or [email protected].