A joint initiative between the government as well as private financial service providers aims to create a platform to help start-ups in Malta.

Economy Minister Chris Cardona was launching a new initiative called 'Venture Capital Malta' (VC-MT).

Speaking at the event, Chairman of Malta Enterprise Mario Vella stressed that this project will not see government funding business, but rather provide a platform for venture capitalists to match with start-ups.

"We hope this scheme will devise ways to attract venture capitalists to Malta and to matchmake projects with venture capitalists".

Malta Investment Management Company Ltd (MIMCOL) manager Stanley Mifsud said that this initiative, "which is very much a start-up in itself" aims to act as an enabler. He stressed that Malta is trying to develop the right conditions for Venture Capital to thrive.

"VC-MT will supply funds aimed at promoting Malta in this regard," he said.

Chairman of the Commonwealth Business Council Lord Marland will be playing a role in the project, it was said. Speaking at the conference, Lord Marland expressed his honour at being a part of such a project. "SMEs are the beating heart of country. In the UK during the past legislature, we tried to facilitate the speed of which SMEs could launch". He stressed that government should never directly control businesses, and that this venture was a good step forward.

Economy Minister Chris Cardona said that in March the first international launch of this venture will be held in London, with high-profile venture capitalists in attendance. The aim, he said, is to attract investment to the island.