Up to €95 million in government bonds will be made available for those over 62 years of age as of two weeks’ time, Finance Minister Edward Scicluna announced on Tuesday.

Speaking at the Malta Stock Exchange, Scicluna said that the scheme, which is now in its fourth year, will allow those over 62 years of age to invest in government bonds at an interest rate of 3% - which is higher than the current market rate.

So far, 24,600 people have participated in this scheme with a sum of €293 million being saved up in these bonds, Scicluna said.

He said that the initial sum being made available is of €60 million, but that this may rise by a further €35 million to a total of €95 million if there is high demand for it.

He said that preference will be given to those who are yet to apply for these bonds, with the minimum amount of money invested being €500 and the maximum €10,000.

All the details will be made available as from 7 July, with previous bond subscribers receiving the necessary information and forms by post and those who are yet to subscribe having to go to their bank or a broker to obtain the details.

Applications are then to be placed on 15 July, Scicluna said.