Malita Investments plc and the European Investment Bank (EIB) are pleased to announce the signing of a finance contract which, alongside other sources of funding, including Malita’s share issue which will open to the public on the 23rd July 2012, will be used to finance the construction of Parliament Building and the Open Air Theatre.
The EUR 40 million finance contract was signed in Malta by the EIB representatives and the Chairman of Malita Investments plc, Mr Kenneth Kenneth Farrugia. Through this loan agreement, Malita Investments plc has managed to secure two loan facilities: a 20 year facility for EUR 25 million as well as another facility for 25 years for EUR 15 million.
Mr Kenneth Farrugia, Chairman of Malita Investments plc said that “the board of directors are particularly pleased that Malita Investments plc has partnered with the European Investment Bank to finance this urban development project which is in effect the first Heritage Site. In particular, I would like to express my appreciation to the European Investment Bank for the professionalism, support and commitment exhibited to this project during the many months of intensive negotiations which ultimately led to the signing of this agreement”.
Such project is one of the major public infrastructure projects promoted by the Maltese government in recent years and is in line with the EIB’s financing priorities. The rehabilitation of Valetta City Gate and its ancillary urban infrastructure, and the reconversion of underused and centrally located land are expected to improve the urban environment and to contribute to the regeneration and revitalization of the country’s capital, a UNESCO world heritage site.