We live in challenging times. Economic planners around the world are dealing with multiple shocks emanating from the aftermath of the pandemic which was compounded by the energy crisis. Supply-side bottlenecks, disruptions in the transportation sector and increases in the price of energy products, particularly following Russia's invasion of Ukraine, led to widespread inflationary pressures that we had not witnessed for a generation or more.
In a context where the short term becomes complex to manage, one should not lose sight of the big changes in the horizon in the form of the digital and green transition. Indeed, sustainability is more than ever on the agenda of policymakers, regulators, and also economic operators. It is against this context that Budget for 2023 needs to be framed. Our Government took bold steps to shield households and economic operators from the increases in energy prices, clearly at a fiscal cost. Nevertheless, this has not lessened our ambition to contribute to the transformation of the country through the enactment of policies and the timely implementation of projects that improve the citizen's quality of life. In that regard, the Budget for 2023 will build on the gains of recent years while sowing the seeds to futureproof the country in transportation, the development of infrastructure, and the implementation of capital projects.
The considerable improvement in the country's infrastructural stock in recent years is a reflection of an important legacy that needs to be sustained and improved. Projects that have made a significant impact on the Maltese road infrastructure, among many, are certainly the Central Link Project and the Marsa Junction Project, which were successfully completed by Infrastructure Malta. The measures in this year's Budget will continue to enhance the country's infrastructure, road networks and other capital projects to the tune of approximately €100m worth of investment. We have identified and prioritized various projects which are of an infrastructural nature, such as Kirkop, Luqa Junction, and Imrieħel Bypass, that will successfully be inaugurated for public use in the coming months. The most recent investment mentioned in this years budget is that of €18 million which will be able to fund the Imsida Creek Project. Furthermore, projects shall be carried out also in the maritime infrastructure, particularly the extension and works at Lascaris Wharf and Pinto Wharf as well as the ship-to-shore project, which will contribute to reduce emissions in our ports and surrounding areas. Infrastructure Malta, which plays an integral role in enhancing this Ministry's portfolio, bases its strategy around four main pillars: quality, security, sustainability and accountability. Furthermore, IM is strengthening consultation with stakeholders and its coordination as an integral element in the management of projects. Last but not least, IM is committed to enhance the road network in the country with a view to reduce traffic congestion and emissions.
Connectivity is crucial for the economic development of the country and transportation, in its various forms, plays a critical role in that regard. Combating congestion remains a priority for Government. In that regard, a number of measures are being considered including strengthening the enforcement arm, consultation on the delivery of specific services during the morning rush hour as well as investing in technological tools.
Transport Malta will continue to implement more measures that focus mainly on improving daily commuting, safety and efficiency to the general public. Following the successful implementation of the free bus service for all residents this past October, TM is now focusing on slowly implementing the electrification of buses and encouraging households and businesses to opt for electric cars by providing grants of up to €12,000. Government will also continue supporting sustainable mobility, including through measures supporting the uptake of electric scooters, pedelecs, and mopeds. Government is also in talks with the European Commission with a view to supporting the route between Valletta and Mgarr, Gozo served by the fast ferry service through a public service obligation. Furthermore, Government will carry out studies to determine the economic and financial feasibility of introducing metro transportation in Malta.
Additionally, Transport Malta will be doubling down on the aviation and maritime sectors, two key growth sectors of the Maltese economy. In that regard, over the coming year, Malta will be seeing the addition of more airlines basing their operations on the island, consolidating success in the ship registry and enhancing Malta's presence within the area of super yachts and yachting on an international level.
Capital projects are also an important element of the Ministry's portfolio. Over the next twelve months, the Grand Harbour Regeneration Corporation will be implementing projects in Valletta whilst broadening the focus also on the regeneration of the Grand Harbour and of the Marsa town centre. During 2023, Government shall start commissioning the necessary technical studies. Finally, work is also underway with regards to projects of land reclamation. A number of sites have been identified, and over the next year, Government shall commission the necessary technical studies focusing on the economic feasibility and subsequently the environmental studies.
Government's expenditure is key for economic growth. It forms aggregate demand, consolidates household consumption and business investment alike. Thus, it becomes a vital ingredient to achieve aggregate demand increases and interfere a strong economy.
We are able to continue prioritising transport and infrastructural projects because we have a strong economy; because we continue to focus on new economic niches and creating new jobs. Government's focus on maintaining this stability and certainty is precisely what will ensure that our country has a bright future.