Last week, the Malta Development Bank welcomed senior officials from 30 other promotional banks as it hosted this year’s annual General Assembly of the European Long-Term Investors Association (ELTI).
ELTI members represent a European-wide network of National Promotional Banks and Institutions which offer financial solutions tailored to the specific needs of their respective country and economy. The principal mission for promotional banks is to support financing when traditional commercial banks are reluctant or unable to do so, either because the risk is too high, or because the capital outlay is too significant for the bank to carry on its own.
Over the past years, ELTI has strengthened its role as a visible stakeholder which represents, at both European and national levels, the position of its 31 current members, which are notably made up of National Promotional Banks and Institutions.
The Malta Development Bank, which is celebrating the fifth anniversary of its establishment this year, and is the youngest and smallest member of this body, benefits from being part of this association by being able to exchange best practices and technical expertise with institutions of larger size and experience. ELTI also supports its member institutions by facilitating the preparation of common positions when communicating with the institutions of the European Union and the possibility of exchanging ideas with other members and International Financial Institutions including the European Investment Bank and Council of Europe Development Bank. The MDB also benefits from a loan with KfW, which enables the MDB to offer enhanced loans particularly to SMEs.
During their meeting in Malta, the promotional banks discussed the key lessons learnt from the respective support measures to the multiple crises which affected the European economy in the past couple of years, namely the COVID-19 pandemic, the Russian invasion of Ukraine and the supply-related headwinds and inflationary pressures which are now leading to a rise in interest rates in most countries.
Prof Josef Bonnici, Chairman of the Malta Development Bank said: “The presence of ELTI in Malta is a clear indicator of the positive reputation that the Malta Development Bank enjoys among its peers and its enhanced role as a key stakeholder in Maltese economic development. This EU-wide collaboration with experienced international partners will help the MDB to improve its product offering as it seeks to help Maltese entrepreneurs, but also supporting innovators, researchers and students, in addressing one of the biggest obstacles to business growth and innovation, that of appropriate access to finance”.
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