Official launch of the MDB Annual Report 2023


On 29 April 2024, the MDB published its Annual Report for 2023. The Annual Report which was launched in the presence of Minister for Finance Hon. Clyde Caruana and Hon. Graham Bencini, shows how in its first six years of operations, the Bank supported 1,272 businesses and students.

The schemes and financial instruments offered by the Bank continue to serve as a strong tool to channel private investment, in turn enabling enhanced access to finance, and strengthening Maltese businesses as they strive for expansion, and driving innovation.


Mr Leo Brincat, MDB Chairman, noted how in the six years since its inception, the MDB’s support to the Maltese economy exceeded €623 million. “We supported the economy with our schemes during challenging periods, providing the country and businesses the tools they needed to thrive. Now, as we look ahead to the twin transition, we seek to support digital innovation while coupling that drive with the pursuit of environmental sustainability. Our vision is to increase the visibility of the Bank’s schemes, that of our efforts and contributions – not for our sake, but for the good of our stakeholders, and the Maltese people.”

The MDB Chairman also discussed the launch of the Bank’s new Business Strategy, which sets out the objectives of the Bank, within the context of its enablers, and constraints.

“This Strategy is based on our mandate, and our mission is to contribute towards sustainable economic development, for the benefit of Maltese society”, Mr Brincat explained.

Referring to the Strategy in the context of the Bank’s performance in 2023, Mr Brincat noted how the objectives of the Strategy inform and direct all of the Bank’s decisions and plans. “We are pleased to see businesses operating in the technological and digital sectors approach us; likewise, the Bank is open to support projects with a social dimension, and those with strong environmental credentials,” Mr Brincat said.

View Chairman’s message


MDB Chief Executive Officer Paul V. Azzopardi explained the Strategy’s framework in detail, while noting how it was imperative for the Bank to retain its independence and to be financially sustainable and self-sufficient. “We reaffirm our commitment to our mission, and I am pleased to report that the Bank has registered a profit before provisions for 2023 of €3.8 million compared to €1.2 million in 2022.”

Mr Azzopardi also explained how an ex-post assessment of the Bank’s COVID-19 Guarantee Scheme indicates that the Scheme supported the equivalent of €1.7 billion in gross value added (GVA) terms, or around 13% of 2019 GVA.

Mr Azzopardi remarked how the Bank took seriously its support to businesses, and while it was not a venture capital fund, it evaluated projects to ensure these were bankable and made sense, both in a financial way, but also with respect to the MDB’s policy on environmental, social and governance (ESG) aspects.

“We may take more time to carry out our due diligence than commercial banks, and we assess the viability of projects in more detail, but we do offer finance to businesses and for projects where other credit institutions might overlook or consider too risky to tackle on their own. These deep dives ensure the protection of the Bank’s capital, and of national and EU funds. In turn this meant we needed to devise policies on internal control systems, and other aspects including anti-money laundering, tax avoidance, ESG, data protection, financial and credit risk management and sound governance structures”, Mr Azzopardi explained.

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The Bank’s Chief Finance Officer, Ms Joanne Dimech, provided a summary of the Bank’s financial results for 2023 and discussed the financial trends over the six years since the Bank was founded.

Minister for Finance, Hon. Clyde Caruana said that: “The MDB continues to be a key player that promotes economic stability and growth in Malta. I must praise the work done by the Bank since its inception, particularly the support it gave the economy during the COVID-19 Pandemic: When commercial banks were more cautious and risk averse, the MDB stepped in to provide the financial instruments businesses needed to survive. I am also pleased to see that the Bank achieved self-sustainability, and aims to be profitable. As we look ahead to the future, once a new European Commission is installed later this year, I believe that Malta should ask the Commission to determine whether the MDB’s remit can be widened even further.  In the coming months, I would like to see a reflection of where the Bank wants to go, and if it wants to do other things – without competing with commercial banks – for the advancement of our community, and our economy.”


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