Bank of Valletta has signed an operational agreement with the European Investment Bank (EIB) and the European Investment Fund (EIF) to launch a clean energy financing product that benefits from a guarantee and interest rate subsidy financed by the European Regional Development Fund (ERDF).
Commenting on the signature of the agreement, EIF chief executive Alain Godard said: “I am delighted with today’s signature as this is the first financial instrument using structural funds that targets projects related to energy efficiency and renewable energy. This instrument is a clear novelty for the market as it combines a guarantee with an interest rate subsidy programme while banks will be supported by a consultant selected by EIB Advisory Services to measure the impact of investments generated by the portfolio. It is very encouraging that the Maltese Managing Authority decided to pioneer this financial instrument with the EIF and I look forward to continued cooperation going forward.”