Following the launching earlier this month of the MDB COVID-19 Guarantee Scheme (CGS), the Government on 16 April 2020 has announced a complementary Interest Rate Subsidy scheme as an additional measure to further soften the terms of working capital loans extended by banks under the CGS to businesses experiencing acute liquidity shortages due to the COVID-19 outbreak.
The Malta Development Bank (MDB) is announcing that it has been appointed by Government as the entity responsible for the implementation of the Interest Rate Subsidy scheme. This will enable a more streamlined approach with MDB as the one-stop shop for the management of the CGS and the interest rate subsidies on loans covered by the CGS.
Through the Interest Rate Subsidy Scheme, businesses will be benefitting from a subsidy of up to 2.5% on the interest rate charged by banks during the first two years of working capital loans guaranteed by the CGS. This interest rate subsidy will reinforce the benefits that businesses will be experiencing through the Government guarantee fund of €350 million under the CGS, which include enhanced access to finance, longer repayment terms, a moratorium on both capital and interest and lower interest rates.
Preparations are now underway for the MDB to put into place the operational modalities of the interest rate subsidy scheme in collaboration with the commercial banks. In the meantime, the MDB is going ahead with the accreditation process for commercial banks to be admitted for participation in the CGS. The list of accredited commercial banks can be viewed on the MDB website.
The MDB will be providing more information on the CGS and on the Interest Rate Subsidy Scheme in a Frequently Asked Questions section that will be published in the MDB website soon.
Further information
Malta Development Bank
info-covid19@mdb.org.mt
21 April 2020
Il-Bank Malti ta’ Żvilupp (MDB) appuntat bħala l-entita’ responsabbli millimplimentazzjoni tal-iskema ta’ sussidju fuq l-imgħax li tikkumplimenta l-MDB COVID-19 Guarantee Scheme (CGS)
B’rabta mat-tnehdija tal-MDB COVID-19 Guarantee Scheme (CGS) aktar kmieni dan ixxahar, fis-16 ta’ April 2020 il-Gvern ħabbar skema kumplimentarja ta’ sussidju fuq limgħax rigward self iggarantit taħt l-iskema CGS. Din se tkompli ttejjeb il-kundizzjonijiet ta’ self għal-‘working capital’ taħt l-iskema CGS u tgħin negozji milquta mill-pandemija COVID-19.
Il-Bank Malti ta’ Żvilupp (MDB) ġie appuntat mill-Gvern bħala l-entita’ responsabbli millimplimentazzjoni ta’ l-iskema ta’ sussidju fuq l-imgħax. Dan jassikura proċess aktar razzjonalizzat bl-MDB iservi bħala ‘one-stop shop’ għall-immaniġġjar tal- CGS u s-sussidju fuq l-imgħax tas-self taħt l-istess skema.
Bl-iskema ta’ sussidju fuq l-imgħax, in-negozji se jibbenefikaw minn sussidju sa’ massimu ta’ 2.5% fuq l-imgħax tul l-ewwel sentejn ta’ kull self taħt l-iskema CGS. Dan is-sussidju fuq l-imgħax se jsaħħaħ il-benefiċċji eżistenti tal-garanzija ta’ €350 miljun taħt l-iskema CGS li jinkludu titjieb fl-aċċess għal-likwidita’, terminu ta’ self itwal, moratorju fuq limgħaxijiet kif ukoll fuq il-kapital dovut u rati ta’ interessi skontati.
Il-Bank Malti ta’ Żvilupp jinsab għaddej minn proċess ta’ preparamenti biex jimplimenta il-qafas operazzjonali tal-iskema tas-sussidju b’kollaborazzjoni mal-banek kummerċjali. Sadattant l-MDB qed ikompli il-proċess ta’ akkreditazzjoni ta’ banek kummerċjali biex jipparteċipaw fl-iskema CGS. Il-lista ta’ banek akkreditati qed tiġi aġġornata kulljum fuq is-sit elettroniku tal-MDB.
Fil-ġranet li gejjin l-MDB se jkun qed jipprovdi aktar informazzjoni fuq il-CGS u l-iskema ta’ sussidju fuq l-imgħax fuq l-skema CGS f’sezzjoni fis-sit elettroniku dedikata għal-‘Frequently Asked Questions’.
Aktar informazzjoni
Malta Development Bank
info-covid19@mdb.org.mt
21 April 2020