Malta will be financing Clean Air projects in the Grand Harbour and ship-to shore energy for the Freeport from the Connecting Europe Facility, Finance Minister Edward Scicluna announced during Monday night’s Budget speech
The Government will be allocating around €120 million in European funds, which Malta has obtained under the new ReactEU program, as well as some other European funds, in order to continue to support the jobs affected by the COVID pandemic.
In the coming months the Government will be drawing up a program of around €220 million of grants under the Recovery and Resilience Facility (RRF), on investment in the sectors of environment and climate, as well as the shift to a more digital reality, among others. “In this way, Malta will be better prepared to face the challenges of the future.”
Malta Digitalisation Strategy
A strategy on Malta’s Digitalisation will be obtained through the Government’s Consultative Digital Think Tank Committee.
The future of our country needs to include Research and Innovation and work to introduce innovative technologies such as Virtual Reality, Augmented Reality, Immersive Technology, 3d printing, Quantum and High-Performance Computing, the Minister said.
Furthermore, the Government shall be continuing its work on the implementation of AI in sectors such as Educations, Health and Transport.
Attracting companies in esports and video game development to come to Malta. This shall also be done by incentivising students to take up careers within those sectors.
Investment in Human Resources efforts that encourage upskilling and reskilling will commence.
Funds available within the Venture Capital Fund to attract Start-Ups interested in operating within the Single Market will be used.
The Government will utilise tools under the Temporary Framework of the European Commission and facilitate loan and tax credit schemes for industry to attract new investment, as well as strengthen their operation in Malta.
Incentives will be utilised to attract tourists throughout the year and finance the organisation of events throughout the year to reduce seasonality.
Furthermore, the Government is going to invest in tourism by regenerating tourism areas. In fact, next year the Government shall be launching a Design Contest to draw up a holistic plan for the regeneration of these areas.
Further investment in the concept of a ‘Safe City’ which will first be targeted in the Paceville area both on a technical and an operational point of view. This includes the use of CCTV.
The introduction of the second fiber optic cable will allow the Government to incentivise the creation of high value-added work in Gozo through the Innovation Hub of Xewkija and the continuation of work on the Astronomical Observatory National in Qortin in Nadur.
After completing the first phase of the study on the possibility of introducing a mass transport system, through an underground metropolitan system using light rail, next year the Government shall be executing the second phase of this study by covering detailed geotechnical surveys; seismic studies and what services utility is required.
Following this, the Government will then decide on the feasibility of the project.