That the US company Crane which specializes in the printing of paper money and related products is setting up shop in Malta was indeed very good news. It’s been a long time since we heard that an industrial firm would be organziing a factory here, employing a substantial number of workers. After Malta became an EU member, the industrial sector shrunk by half relatively, and substantially in absolute terms.
According to reports, the investors praised the way by which for its part, the Maltese administration faced up quickly and efficiently to the problems that could have arisen; they considered this as a determining factor during negotations between the two sides, leading to their decision.
Now however, the challenge will be to ensure that the promises that have been made are also quickly and efficiently implemented. In all similar projects, it is delivery issues which become central – namely, that as preparations for the project go forward, what needs to be done for the launch to become effective, is really being done in time and well.
Going by my experience, for this to happen in the Maltese context there needs to be commitment from “the very top”, known to all, that this is something which needs to be carried out at all costs. If not, bureacuracy and apathy could instead simply make for stagnation.
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BANK
A new “development” bank is being established, designed to lend and invest in new projects which commercial banks do not wish to support or lack the means to do so.
This is another example of how history repeats itself.
In the seventies of the previous century, an investment bank was set up, appropriately named Investment Finance Bank (IFB), with as shareholders the Bank of Valletta and the then Mid-Med bank. The IFB would be criticised for often evaluating projects according to the methodologies of commercial banks. But it did accomplish some good work.
Post 1987, it was decided to wind the bank down. Its assets were split equally between the two shareholders. It was stated that the two could separately carry out and in competitive mode, the tasks that had been laid down for the IFB.
It seems like this did not happen if we’re going back to the original model.
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ADVICE
The Labour government is really lucky in that the country has an Archbishop who finds no problem with providing good advice about issues of governance, truth and environmental protection. This helps the government to better understand how to steer policy making.
Consider its predecessors: the Fenech Adami and Gonzi administrations could not benefit from such advice. In their day, the Church did not feel it had to preach against the lack of meritocracy, media spin, corruption and the distortion of truth.
So for long years, sham projects and scandals moved forward without too much trouble, as if everything was just right. One could mention Chambrai, Smart City, Mistra, the Mater Dei hospital, the Gozo Channel ships, among others.
Naturally, the Archbishop’s counsel would be more influential if in what it does, the Church itself is seen to be following his advice. For instance, by way of respect for good governance and truth, does the Church not have the duty to recompense the victims of sexual abuse for which it is responsible?
Alfred Sant
26 September 2016