BOV Studies Plus+ Fund to increase to €8,250,000 with European Funds​​

The MDB and Managing Authority secure additional EU funds following successful take-up

Following the successful take-up of the initial allocation, Bank of Valletta is extending its BOV Studies Plus+ fund to €8,250,000, after the Malta Development Bank (MDB) secured additional European funds with the support of the Managing Authority. Bank of Valletta was awarded this top-up from the European Social Fund as part of a public call organised by the MDB.

The BOV Studies Plus+ is a financing solution for those seeking to further their studies in Malta or abroad, undertaking full-time, part-time or distance learning courses leading to MQF levels 5, 6, 7 or 8 qualifications or other internationally recognised certificates. Since its initial launch, Bank of Valletta channelled €5.5 million worth of European funding to aid students and professionals invest in their education.

During the signing of the fund top-up agreement, Albert Frendo, Chief Credit Officer at Bank of Valletta stated that BOV is proud to have been “instrumental in assisting 145 students further their studies towards the career of their choice. This extension in the studies fund will open doors for even more individuals who would have been otherwise held back by financial barriers to pursue high-cost development opportunities. Its impact will be wide-reaching, resulting in a more skilled local talent pool.”

​“The Malta Development Bank is pleased to collaborate once again with Bank of Valletta in supporting more students and professionals develop their potential, reducing their need for financial dependence on others,” said MDB CEO Rene Saliba. “The rapid take-up of the initial fund prompted us to apply for an extension and bring more funds to Malta. Loans under this scheme can cover tuition fees, accommodation, transport, subsistence and other study-related costs, while interest due during the studies period will be fully covered by the European Social Fund (ESF) placing no payment obligation on students during this period of low or no income.”

Parliamentary Secretary for European Funds Hon Stefan Zrinzo Azzopardi, said that with European funds, from the European Social Fund, we are continuously investing in people. He explained that through an additional €1 million that will serve as an add on to the originally allocated €2 million in European funds, we will be giving an opportunity to 180 persons to benefit from these financial instruments. Dr Zrinzo Azzopardi continued saying that the European Union is envisaging more growth in the digital sector, thus it will bring about changes in the economy, therefore we need to incentivise more persons so they continue studying to keep up with these developments.

These European funds will provide assistance so that more persons may have the opportunity to advance in their careers. Investment in education is an investment in our country, so that Malta can continue to progress,’ concluded the Parliamentary Secretary.

​“The BOV Studies+ eradicates two major barriers – collateral requirements and unaffordability,” declared the BOV Chief Officer. “Students can repay the loan after they conclude their studies through the income they earn upon employment. This product has been designed to ensure that the financing of studies is both affordable and accessible to as many prospective students as possible, offering a number of benefits such as an attractive interest rate, a moratorium period of up to 5 years and no upfront contribution or collateral requirement.”

The BOV Studies Plus+ (Further Studies Made Affordable Financial Instrument) is supported by the Operational Programme II, co-funded by the European Social Fund and managed by the Malta Development Bank.

More information can be found on https://www.bov.com/content/bov-studies-plus-plus​. To apply one should set up an appointment with a BOV Branch by sending an email on customercare@bov.com.

All loans are subject to normal bank lending criteria and final approval from the Bank. The term of the loan must not go beyond retirement age. Terms and conditions are available on www.bov.com. Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap.371 of the Laws of Malta).


Il-Fond tal-BOV Studies Plus+ jittella’ għal €8,250,000 b’fondi Ewropej

L-MDB u l-Managing Authority jassiguraw fondi Ewropej addizzjonali wara s-suċċess inizjali ta’ din l-iskema

Wara s-suċċess tal-allokazzjoni inizjali, il-Bank of Valletta qed jestendi l-fondi tal-BOV Studies Plus+ għal €8,250,000, wara li l-Bank Malti għall-Iżvilupp (MDB) assigura fondi Ewropej addizzjonali bl-appoġġ tal-Managing Authority. Il-Bank of Valletta ngħata din iż-żieda mill-Fond Soċjali Ewropew wara sejħa pubblika organizzata mill-Bank Malti għall-Iżvilupp.

​Il-BOV Studies Plus+ hija soluzzjoni ta’ finanzjament għal dawk l-individwi li jixtiequ jkomplu l-istudji tagħhom f’Malta jew f’pajjiżi oħra, biex jagħmlu korsijiet ta’ tagħlim full-time, part-time jew distance learning li jwasslu għal-livelli MQF 5, 6, 7 jew 8 jew kwalifiki oħra rikonoxxuti internazzjonalment. Sa mit-tnedija inizjali ta’ din l-iskema, il-Bank of Valletta ta madwar €5.5 miljun f’finanzjament Ewropew sabiex jgħin lil studenti u professjonisti jinvestu fl-edukazzjoni tagħhom.

Waqt l-iffirmar tal-ftehim, Albert Frendo, Chief Credit Officer fil-Bank of Valletta ddikjara li l-BOV huwa kburi li kien “strumentali biex jassisti lil 145 student ikomplu bl-istudji tagħhom lejn il-karriera tal-għażla tagħhom. Din l-estensjoni fil-fond tal-istudji se tiftaħ bibien għal aktar individwi li altrimenti, minħabba ostakli finanzjarji, jinżammu lura milli jsegwu opportunitajiet ta’ żvilupp. L-impatt pożittiv huwa aktar wiesa’, għaliex dan l-investiment fil-ħiliet jirriżulta f’ħaddiema u professjonisti Maltin aktar imħarrġa.”

“Kuntenti li bħala l-Bank Malti għall-Iżvilupp, qegħdin għal darb’oħra nikkollaboraw mal-Bank of Valletta sabiex nagħtu appoġġ lil aktar studenti u professjonisti jiżviluppaw il-potenzjal tagħhom, u b’hekk ngħinuhom inaqqsu l-ħtieġa għal dipendenza finanzjarja fuq oħrajn,” qal is-CEO tal-MDB Rene Saliba. “L-adozzjoni rapida tal-fond inizjali wasslitna biex napplikaw għal estensjoni u nġibu aktar fondi lejn Malta. Is-self taħt din l-iskema jista’ jkopri l-miżati tal-kors u spejjeż oħra relatati mal-istudju bħal akkomodazzjoni u trasport. L-imgħax dovut matul il-perjodu tal-istudji jkun kopert bis-sħiħ mill-Fond Soċjali Ewropew (FSE) u ma jpoġġi l-ebda obbligu ta’ ħlas fuq l-istudent matul dan il-perjodu ta’ dħul limitat.”

Is-Segretarju Parlamentari għall-Fondi Ewropej Hon Stefan Zrinzo Azzopardi, qal li permezz ta’ fondi Ewropej, mill-Fond Soċjali Ewropew, qed inkomplu ninvestu fin-nies. Huwa spjega kif issa żidna miljun ewro maż-żewġ miljun ewro f’fondi Ewropej li kienu oriġinalment allokati. Dawn se jagħtu opportunita lil madwar 180 persuna biex jkunu jistgħu jibbenefikaw mill-faċilitajiet finanzjarji. Dr Zrinzo Azzopardi kompla jgħid li l-Unjoni Ewropea qed tħares lejn aktar żvilupp fil-qasam diġitali li se jkun qed iġġib bidla wkoll fl-ekonomija b’hekk irridu ninċentivaw lil aktar persuni biex ikomplu jistudjaw u jżommu ruħhom aġġornati ma’ dawn il-bidliet.

‘Dawn il-fondi Ewropej se jkunu ta’ sostenn biex aktar persuni jkollhom l-opportunita javvanzaw fil-karriera tagħhom. Investiment fl-edukazzjoni huwa investiment fil-pajjiż, biex Malta tkompli timxi l’quddiem’, ikkonkluda jgħid is-Segretarju Parlamentari.

Il-BOV Studies Plus+ huwa appoġġjat mill-Programm Operattiv II, kofinanzjat mill-Fond Soċjali Ewropew u mmexxi mill-Bank Malti għall-Iżvilupp, filwaqt li jibbenefika mill-iskema ta’ garanziji tal-MDB.

Aktar informazzjoni tinstab fuq https://www.bov.com/content/bov-studies-plus-plus. Wieħed jista’ japplika billi jagħmel appuntament ma’ Fergħa tal-Bank of Valletta billi jibgħat email fuq customercare@bov.com​.

Is-self kollu huwa soġġett għall-kriterji normali tal-Bank dwar is-self u għall-approvazzjoni finali mill-Bank. It-terminu tas-self m’għandux imur lil hinn mill-età tal-irtirar. Termini u l-kundizzjonijiet huma disponibbli fuq il-websajt: www.bov.com. Maħruġa mill-Bank of Valletta p.l.c., 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130. Il-Bank of Valletta p.l.c. hija kumpanija pubblika b’responsabbiltà limitata regolata mill-MFSA u hija liċenzjata biex toffri l-kummerċ bankarju f’termini tal-Att dwar il-Kummerċ Bankarju (Kap. 371 tal-Liġijiet ta’ Malta).

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