The Parliamentary Secretariat for EU funds said that later on today the European Commission will adopt an 'operational programme' worth €15 million in investments to Malta's economy intended to support SME competitiveness. This investment, provided by the European Regional Development Fund (ERDF) in the form of guarantees is expected to quadruple to some €60 million, thanks to the leverage effect of expected private investment as new loans to SMEs.

In a reaction to these reports the Parliamentary Secretary for EU Funds Dr. Ian Borg said that Malta's programme was the first of its kind to be adopted for the period 2014-2020, thus ensuring that the Maltese SMEs will be the first SMEs in Europe to benefit from a new financial instrument.  This will be consisting of uncapped guarantees provided by the European Investment Fund (EIF) to Maltese banks, consequently resulting into new and favourable loans for the island's SMEs.

Dr. Borg also said that the immediate response by the Maltese Government to the call by the European Council of 24-25 October 2013 to all Member States encouraging them to make use of this joint initiative, developed by the Commission and the European Investment Bank so as to boost access to finance for Europe's cash-strapped small businesses shows this administration's commitment in enhancing small companies' access to finance. This will incentivise them to continue investing in the local economy while creating more jobs.